GfK’s long-running Consumer Confidence Index decreased four points to zero in February. Four of the measures used to calculate the index saw decreases this month, with the remaining measure showing an increase.

Joe Staton, head of market dynamics at GfK, says: “While faith in our own personal financial situation continues to remain strong for the year ahead with just a one-point drop to +8 points, we are clearly worried about the general economic situation for the country. Here, there have been sharp drops both for the view over the past year and the coming year. So, despite the positive impact of continued low interest rates and subdued inflation on our day-to-day household budgets, the feeble outlook for growth and a variety of economic uncertainties since the start of the year has depressed our New Year optimism.”

The index measuring changes in personal finances during the last 12 months has increased by one point this month to +5, eight points higher than February 2015. The forecast for personal finances over the next 12 months decreased one point to +8 this month, two points higher than February 2015.

The measure for the General Economic Situation of the country during the last 12 months decreased seven points this month to -10, seven points lower than February 2015. Expectations for the General Economic Situation over the next 12 months decreased seven points to -12, 15 points lower than this time last year.

The Major Purchase Index decreased four points this month to +12 – still eight points higher than this time last year. Finally, the Savings Index decreased seven points to -2, six points higher than February 2015.