Market research group GfK released its consumer confidence index for Germany on Friday. German Gfk consumer confidence index fell to 9.3 in December from 9.4 in November, beating expectations for a drop to 9.2.

The decrease was driven by declines in 2 of 3 indicators.

The economic expectations index plunged by 2.4 points to -5.3 points in November, while the willingness to buy index increased 3.0 points to 48.9.

The income expectations index fell by 3.3 points to 44.4 in November.

"German consumer confidence is continuing to wane, while economic expectations are maintaining their downward trend. The persistently high influx of asylum seekers has seen economic optimism fall further, and has also had a detrimental effect on the income expectations indicator, which has also experienced losses. In contrast, the propensity to consume is currently bucking this trend and, despite the general economic downturn, actually increased this month," Gfk noted.