Market research group GfK released its consumer confidence index for Germany on Thursday. German Gfk consumer confidence index rose to 9.5 in March from 9.4 in February, beating expectations for a drop to 9.3.

The economic expectations index declined by 0.8 points to 3.4 points in February, while the willingness to buy index remained unchanged at 52.7.

The income expectations index climbed by 9.5 points to 56.7 in February.

"The pleasing start to the consumer climate this year has paved the way for 2016 to also be a good year for consumption. In its recently published forecast, GfK assumes that actual private consumer spending will rise by 2 percent this year. Growth for 2015 was also around 2 percent according to initial reports from the Federal Statistical Office," Gfk noted.