金融英语阅读：Germany’s solid growth strengthens consumer confidence
BERLIN, Aug. 26 -- Germany's energetic recovery has boosted its consumer sentiment to a new level, according to the GfK research institute.The Nuremberg-based institute on Thursday reported its forward-looking overall consumer confidence index for September climbed to 4.1 points from 4 points in August, as the country's overall economy grew strongly with an upswing in exports and declining unemployment.
The survey, which covered some 2,000 households, showed that German expectations for the economy surged to 46.6 points in August, up from 36.8 points in July, and confidence for personal income soared to 36 points this month, compared with 29.1 points last month.
"Consumer sentiment in August is strongly influenced by the substantial rise in German gross domestic product (GDP) in the second quarter of this year," the GfK said in a statement.
"Consumers clearly do not believe the recovery of the German economy is a flash in the pan, but rather expect it to continue," it said.
Recent data showed the German economy, Europe's largest, had been on the fast track to rebounding since spring. On Tuesday, the statistical office confirmed that Germany's GDP edged up 2.2 percent in the second quarter this year, the fastest growth pace in nearly 20 years.
Exports, the country' s main economic engine, hiked 8.2 percent from April to June, compared with the first quarter, raising Germany's trade surplus to its highest level since October 2008. Its company investment in plant and machinery also expanded 4.4 percent in the same period.
The Munich-based Ifo institute also reported on Tuesday that its business confidence index, which covered some 7,000 executives in Germany, jumped to 106.7 points this month, up from 106.2 in July, reaching its highest level in three years.
The optimistic mood on the economic outlook made the Bundesbank, Germany's central bank, revise its growth forecast last week. The bank said real GDP would jump 3 percent this year, well above its previous forecast of 1.9 percent.
Given the background conditions remain positive, such as strong economic development, moderate price development and a robust labour market, "private consumption can be expected to contribute its part to the strong recovery of the German economy this year," the GfK said.
Germany's economy contracted 4.7 percent last year due to the global financial crisis, the worst recession since World War II. Falling consumer spending was believed to be a main factor that dragged down the overall economy.
However, the GfK warned that uncertainties still exit for the long-term prospects of the German economy, which "include possible austerity measures by the government and the expiration of stimulus programs."
Some analysts said earlier that Germany's growth pace would return to a modest level after spring with trends of a slowdown in global production activity and trade, especially for the markets of the United States and Asia.
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