Market research group GfK released its consumer confidence index for Germany on Thursday. German Gfk consumer confidence index fell to 9.6 in October from 9.9 in September.

Analysts had expected the index to remain unchanged at 9.8.

The decrease was driven by declines in all three indicators.

The economic expectations index plunged by 10.2 points to 6.4 points in September, while the willingness to buy index fell 1.6 points to 50.4.

The income expectations index dropped by 5.8 points in September and is now at 47.7.

"The indicator is at a very good level. In consideration of the extremely positive development of the retail sector, it can be assumed that the consumption will continue to be an important pillar of the economy this year overall," Gfk noted.