Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index remained unchanged at 9.4 in February, beating expectations for a drop to 9.3.

2 of 3 indicators increased.

The economic expectations index rose by 1.3 points to 4.2 points in January, while the willingness to buy index increased 3.7 points to 52.7.

The income expectations index fell by 3.6 points to 47.2 in January.

"The consumer climate has therefore been able to withstand the recent growth in risks it is facing. However, in the next few months the escalating terror threat and the rising fears among certain groups of the population that Germany could eventually become overstretched by the persistently high influx of refugees and asylum seekers may cause consumer confidence to wane in the long term. In turn, this would have a lasting impact on the consumer climate," Gfk noted.