Monday, a survey conducted by the GfK market research group showed that the German consumer climate is proving to be surprisingly resilient in the face of all the gloomy predictions.

Consumer confidence for May stood at 2.5 points, the same as in April. The reading for April was upwardly revised from 2.4 points. Economists were expecting 2.3 points for May.

The indicator for economic expectations in April moved up 1.6 points to minus 31.2, while income expectations rose 3.4 to minus 8. At the same time, the propensity to buy indicator stood at 12.4 points in April, down 1.5 points from the previous month.

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