German consumer confidence held near record lows (GfK at −29.2 for July) even as Spain confirmed 2.7% annual GDP growth in Q1 2026. With the deposit rate now at 2.25%, the ECB is tightening into an economy where demand across the bloc's largest members has not recovered.
German consumer sentiment remains near crisis levels at -29.2 in July, underscoring persistent weakness in private consumption despite a marginal improvement. Source
