Greeks and Romanians are the hardest hit by the crisis, according to a GfK report

Newsroom 08/02/2011 | 14:20

Romanians and Greeks made the top of the most pessimistic consumers in Europe last year, according to Gfk. “Consumers in Romania and Greece felt the effects of the financial crisis and the high level of debt of their respective countries very strongly last year,” reads a GfK report on private consumption in Europe.

With an average of -50 points (Consumer Confidence Barometer), the Romanians were bottom of the rankings in Europe, followed by the Greeks with -39 points. 2011 is likely to follow the same pattern, says Andi Dumitrescu, general director of GfK Romania. “Although prior to the crisis there were many who said that Romania will not be affected, together with Greece we find ourselves among the hardest hit. 2011 will also be a very difficult year, with reduced incomes for the population and with an overall pessimism level that will surpass the European average,” said Dumitrescu.

For 2011, GfK market researchers are expecting the European private household expenditure to increase by a 1.5 percent and therefore make a strong contribution to the economic upturn. The top of the most optimistic European consumers is lead „by far” by the Germans, reads the GfK report.