FRANKFURT, Dec. 20 (Xinhua) -- German consumers believe their economic recovery is gaining momentum and are willing to spend more, an economic research company said Friday.
Findings of the latest GfK Consumer Climate study showed that economic expectations in Germany increased further in December 2013 and it is the fourth rise in a row. Meanwhile, another indicator named "the willingness to buy" topped a seven-year high registered in November.
The findings of GfK, one of the major research companies in Germany, are the latest among a string of signs indicating an upswing of people' s confidence about the largest economy in Europe.
The Ifo Institute also unveiled the result of its latest survey. The Ifo Credit constraints for German trade and industry dropped to their lowest level since data have been recorded and only 19.2 percent of the companies surveyed reported restrictive access to bank credit. The Ifo business climate index continued to rise to a level of 109.5 in December.
Christian Schulz, a senior economist at Berenberg Bank in London, expected German consumers to "make a healthy positive contribution to GDP growth in 2014 and beyond" as the economy is turning up and a new national minimum wage of 8.5 euros (11.6 U.S. dollars) is to be introduced in 2015.