Despite the worst economic crisis since 1945, German consumers are ever more confident in the future and increasingly willing to part with their hard-earned cash, a closely watched survey showed yesterday.
The GfK research group said its forward-looking consumer confidence index for next month rose to 3.5 points from a revised 3 points this month.
A sub-index measuring consumers’ willingness to buy rose dramatically to 25.1 points from 14.5 points last month and from minus 26.2 in August last year.
The institute said low inflation had made consumers more eager to rush out and make purchases, as well as a relatively stable labor market, despite the crisis.
Unemployment figures would play a key role in the future development of consumer sentiment, GfK said in a statement.
“A long-lasting stabilization of the consumer climate will depend on how the labor market develops in the future. If the unemployment figures climb high in late autumn, this will be a test for consumer confidence,” GfK said.
The survey is the latest to suggest that Europe’s top economy could be rebounding from its worst slowdown in recent history.
A study by Ernst and Young that came out in Die Welt daily yesterday showed that two out of three firms in Germany believed the economy would improve by next year, rising to nearly eight in 10 companies seeing a brighter future by 2011.
Moreover, 54 percent of the businesses polled said that Germany was likely to emerge stronger after the crisis than it was before.
On Friday, a closely watched survey by the Ifo institute, measuring the mood among German firms, rose for the fourth month running this month.
Nevertheless, the government still sees Germany — one of the world’s top exporters — shrinking by a record 6 percent this year.
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
Thirty Taiwanese firms, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and ASE Technology Holding Co (日月光投控), yesterday launched a silicon photonics industry alliance, aiming to accelerate the medium’s development and address the energy efficiency of artificial intelligence (AI) devices like data centers. As the world is ushering in a new AI era with tremendous demand for computing power and algorithms, energy consumption is emerging as a critical issue, TSMC vice president of integrated interconnect and packaging business C.K. Hsu (徐國晉) told a media briefing in Taipei. To solve this issue, it is essential to introduce silicon photonics and copackaged optics (CPO)
BACK IN THE NEIGHBORHOOD: The planned transit by the ‘Baden-Wuerttemberg’ and the ‘Frankfurt am Main’ would be the German Navy’s first passage since 2002 Two German warships are set to pass through the Taiwan Strait in the middle of this month, becoming the first German naval vessels to do so in 22 years, Der Spiegel reported on Saturday. Reuters last month reported that the warships, the frigate Baden-Wuerttemberg and the replenishment ship Frankfurt am Main, were awaiting orders from Berlin to sail the Strait, prompting a rebuke to Germany from Beijing. Der Spiegel cited unspecified sources as saying Beijing would not be formally notified of the German ships’ passage to emphasize that Berlin views the trip as normal. The German Federal Ministry of Defense declined to comment. While
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
RSS