Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index climbed to 9.7 in May from 9.4 in April. Analysts had expected the index to remain unchanged at 9.4.

The economic expectations index increased by 5.8 points to 6.3 points in April, while the willingness to buy index rose by 5.4 points to 55.4.

The income expectations index were up by 7.0 points to 57.5 in April.

"Consumers are clearly assuming that the German economy will regain some momentum in the coming months," Gfk noted.