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German Consumer Confidence Weakens More Than Expected

Germany’s consumer confidence is set to weaken more than expected in April, hurt significantly by the war in Ukraine, results of a closely-watched survey revealed Tuesday.

The forward-looking consumer confidence index dropped to -15.5 from a revised -8.5 in March, the market research growth GfK said. Economists had expected a reading of -14.

The downward trend in the headline index continued and a sharp increase in the propensity to save in March further reinforced it, the agency added.

“In February hopes were still high that consumer sentiment would recover significantly with the foreseeable easing of pandemic-related restrictions,” Rolf Burkl, GfK consumer expert, said. “However, the start of the war in Ukraine caused these hopes to vanish into thin air. Rising uncertainty and sanctions against Russia have caused energy prices in particular to skyrocket, putting a noticeable strain on general consumer sentiment.”

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