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Survey shows stable German consumer confidence despite increasing economic worries
BERLIN (AP) A new survey shows that consumer confidence in Germany, Europe's biggest economy, remains stable despite increasing worries that the country will be dragged deeper into the eurozone debt crisis.
The GfK research institute said Thursday that its forward-looking consumer confidence indicator for August stands at 5.9 points up slightly from 5.8 in July.
The German economy has seen two years of solid growth and many workers have enjoyed solid pay increases this year.
GfK said that consumers' income expectations remain high though modestly below last month's level while their willingness to buy increased. But it said their economic expectations dropped significantly for a second straight month.
Domestic demand has become an increasingly important pillar of Germany's economic strength as global economic troubles cast clouds over export prospects.