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GfK: German consumer climate to cool in April

Germany's consumer climate is expected to cool slightly in April in the first setback since the start of 2019, market research firm GfK said.

GfK's consumer climate index is forecast to come in at 10.4 points in April, down from a downwardly revised 10.7 in March. The Econoday consensus estimated the consumer climate index to stand at 10.8 points in April.

For March, the indicator for economic expectations rose by 7 points to 11.2, having fallen for five consecutive months previously. Meanwhile, the measure for income expectations dipped by 4.1 points to 55.9. Due to lower income expectations, the German consumer's propensity to buy declined in March, with the relevant indicator falling 3.4 points to 50.2— the worst reading since December 2016.

Consumption is expected to remain a key component of the German economic development in 2019 if the uncertainty around Brexit and trade does not increase further, according to GfK. The consumer climate is expected to change if this uncertainty clouds the German job market.