German consumer confidence rises despite increasing problems in 17-nation eurozone

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BERLIN - A closely-watched survey shows German consumer confidence rising on the back of lower unemployment and wide-ranging wage increases despite increasing economic uncertainty in the 17-country eurozone.

The GfK institute's forward-looking survey released Tuesday showed consumer confidence up to 5.8 for July from 5.7 in June.

However, GfK said the underlying numbers suggest that Germans are getting worried about the future. After three consecutive increases, GfK's economic optimism dropped 16.6 points to 3 points in June, the lowest value since December 2011

So far, Germany has managed to withstand the problems afflicting other economies that use the euro. Its economy grew by a quarterly rate of 0.5 per cent in the first quarter.

Organizations: GfK institute

Geographic location: BERLIN, Germany

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