Survey shows German consumer confidence remains steady despite financial crisis

BERLIN – A study shows German consumers remain cautiously confident in Europe’s largest economy despite uncertainty in the wider 17-nation eurozone.

The GfK institute’s forward-looking survey released Friday shows consumer confidence at 5.7 points for June, the same level as in May.

The survey shows that a drop in income expectations was offset by a rise in optimism about the future and willingness to buy.

GfK says “despite recessionary trends in Europe and rising uncertainty as a consequence of the debt crisis, Germans feel that the national economy is continuing its upswing.”

Germany’s economy grew by 0.5 per cent in the first quarter.

The study comes a day after a survey of business confidence showed its largest drop since last August amid concerns over Europe’s economy.