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Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index climbed to 9.8 in June from 9.7 in May. Analysts had expected the index to remain unchanged at 9.7.
The economic expectations index increased by 2.0 points to 8.3 points in May, while the willingness to buy index rose by 2.3 points to 57.7.
The income expectations index slid by 5.7 points to 51.8 in May.
"Private consumption will remain an important pillar of the German economy over the next few months. GfK therefore still stands by the forecast it made at the start of the year that real private consumer spending will climb by around 2 percent in 2016. This figure stood at 1.9 percent in 2015," Gfk noted.
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