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Hopes for economic growth in Germany are "disappeared" / Big drop in consumer confidence

2024-11-27 19:11:00, Kosova & Bota CNA

Hopes for economic growth in Germany are "disappeared" / Big drop in

A poll shows Germans are preparing to tighten their pockets rather than boost private consumption, the sector that accounts for half of GDP in Europe's biggest economy.

Europe's main economy, Germany, has seen economic uncertainty, including job losses in the auto industry, send consumer expectations to a seven-month low.

Concerns about job security come as the holidays approach. Even German consumers have expressed themselves more pessimistic about the development of the general economic situation for the fourth month in a row.

Private consumption, which accounts for roughly half of Germany's GDP, is expected to fall at a time when the country's economy is already struggling to avoid recession and its export sector is facing major setbacks as fears grow that the next administration The US may apply trade tariffs to EU goods.

Separate data shows that French households are similarly losing confidence in their future finances./ CNA





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