the spread of The novel Coronavirus in China dampens now in this country, the mood of the consumer. Which has deteriorated after an optimistic Start to the new year again.
In its monthly calculated consumer climate index, the Nuremberg-based market researcher GfK for March predicts a decrease of 0.1 points to 9.8 meters. In the previous month, the value was increased by 0.2 of a meter.
uncertainty caused by the spread of the Coronavirus fails on consumer sentiment through
As the reason for the stagnating development, the company cited the uncertainty caused by the spread of the Coronavirus. Because of the strong interdependence of the economy, this could have an impact on companies in Germany, said GfK consumption expert Rolf Bürkl on Thursday in Nuremberg.
“When interrupted with precursors, or the supply was from China, then the negative impact on the employment in us. The threat of short-time working and job losses, then press the consumer mood,“ he explained.
Also for German exports to China have the Coronavirus may have negative effects. “The growth forecasts are taken back in China. Also, the purchasing power is not in the extent it exists, this of course also affects Germany as an export nation,“ said Bürkl.
labour market robust despite the downturns
Despite the trade dispute between the United States and China, and the Coronavirus-caused economic weakness in the phases of the signals from the German labour market but has so far been encouraging, what is the consumer sentiment to stabilize, overall, explained the expert. Due to the stable employment situation, the employee could not be expected this year, with growth in Incomes, even if these were as high as the last. The pensioners could hope for a considerable increase in their pensions.
Supported by the low interest rate policy of the European Central Bank, the propensity to claim, according to GfK, your good level. 53.6 points this indicator is slightly above the comparison value of the previous year. In contrast, the propensity to save of consumers will continue to remain in the basement. “To save is, and remains, not a very attractive Alternative to the consumer,” said Bürkl.
Private consumption remains an important stability factor in the economy
in Contrast, private consumption remained an important factor of stability in the economy. The GfK think its forecast that private consumption will grow this year by one percent, the expert said. For the past year, the forecast was an increase of 1.5 percent. Economic growth in Germany, the Nuremberg-based market researchers also expect an increase of 1.0 percent in the current year. In 2019, the economic performance grew in the Federal Republic of 0.6%.
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