German consumer willingness to buy hits 6 year high

Germans are more willing to purchase than anytime else since the end of 2006, supporting an improved confidence for the Europe's largest economy, market research institute GfK said on Wednesday. Heading into October, GfK's indicator for German consumers' confidence on the outlook of economy is set to increase to 7.1 points, from a upwardly revised 7.0 points in September. "German consumers are expecting the economy to gain momentum again in the coming months. This is reflected in the increase in economic expectations, which are on a clear upward trend, " said the Nuremberg-based institute. GfK confirmed its forecast that private consumption would increase by one percent in 2013, as an essential pillar for the growth of German gross domestic product (GDP). The Berlin-based German Institute for Economic Research (DIW) meanwhile expected German economy to grow by 0.4 percent this year and by 1.7 percent in the next. Another economic institute, Rheinisch-Westfalisches Institut fur Wirtschaftsforschung (RWI) based in Essen, also forecast that German economy would grow by 0.4 percent in 2013, while expected German GDP to increase by 1.9 percent in 2014.