German consumer confidence is expected to dip slightly as July approaches, according to a report released Thursday by the GfK market research group and the Nuremberg Institute for Market Decisions (NIM).
The consumer sentiment index slipped to -20.3, down from a slightly revised -20.0 in the previous month.
The decline came as a surprise to analysts, with a Reuters poll having forecast a modest improvement to -19.3.
According to the survey, the downturn in sentiment was largely driven by a rise in households’ inclination to save, which offset gains in income expectations and contributed to the overall weakening of consumer confidence for the coming month.
