Berlin - Despite the deepening economic gloom, German consumer confidence posted a surprise but modest rise, a key survey released Tuesday showed.
But the Nuremberg-based GfK market research institute's survey showed German consumer expectations about the economic outlook dropping to a five-year low.
The institute's forward-looking consumer confidence index edged up to 1.9 for November from 1.8 in October, helped along by an increase in income expectations on the back of falling inflation.
"Consumers have kept a level head amid the sometimes dramatic developments on the international financial markets, and this is particularly true of their income expectations," the GfK said, releasing its latest survey.