Saturday 10 December 2016

German retail sales rebound in July

Published 31/08/2015 | 08:37

Primark, which trades as Penney's in Ireland, has a retail presence across Europe
Primark, which trades as Penney's in Ireland, has a retail presence across Europe

German retail sales rose month-on-month at their strongest pace in nine months in July, reinforcing expectations that private consumption will support growth in Europe's largest economy this year.

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The 1.4 percent increase, measured in real terms, was above a Reuters consensus forecast for a rise of 1.0 percent and the biggest monthly increase since October of last year.

Retail sales is a notoriously volatile indicator that is often subject to large revisions. The June reading was revised to a drop of 1.0 percent from an originally reported decline of 2.3 percent.

On a year-on-year basis, retail sales posted their second strong month of strong gains, rising 3.3 percent after a 5.2 percent increase in June. A breakdown showed a robust 9.2 percent rise in internet and mail-order sales.

The robust retail sales figures add to a generally healthy economic picture in Germany, although a slowdown in China has raised questions about whether exports could weaken later this year.

Reuters

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