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German consumer confidence soars on virus stimulus

Catching up to pre-pandemic levels

23 July, 14:15
(ANSA-AFP) - FRANKFURT, 23 LUG - German consumers are in the mood to shop as they head into August, a key survey said Thursday, crediting the government's coronavirus stimulus efforts with lifting morale. The GfK institute's forward-looking barometer climbed to -0.3 points, the third monthly increase in a row and a large jump on July's figure of -9.4. Consumer confidence has been rising steadily since Europe's top economy emerged from lockdown in May and is fast catching up to pre-pandemic levels.

"German consumers are leaving the corona shock from the spring of this year more and more behind," the pollsters said in a statement. The government's July to December reduction in value added tax as well as the prospect of a 300-euro ($345) bonus per child later this year have encouraged Germans to open their wallets, they said. (ANSA-AFP).

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