Confidence in the country’s economy has greatly decreased in Germany.

The index of consumer confidence in the German economy as of September fell to minus 25.5 points from the revised value of August at minus 24.6 points, according to the research company GfK.

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Analysts were expecting a reading of minus 24.3 points after August’s initial level of minus 24.4 points.

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Thus, the indicator of August became the lowest in 2023.

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The wage growth expectation index fell to minus 11.5 points in August from minus 5.1 points a month earlier, while “consumers’ willingness to buy” dropped to minus 17 points from minus 14.3 points.

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The company also reported that the index of current economic expectations in the country fell to minus 6.2 points from 3.7 points a month earlier.