Retail sales up as German shoppers shrug off China woes
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.
The 1.4pc increase, measured in real terms, was above a Reuters consensus forecast for a rise of 1pc 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 1pc from an originally reported decline of 2.3pc.
On a year-on-year basis, retail sales posted their second strong month of strong gains, rising 3.3pc after a 5.2pc increase in June.
A breakdown of the figures showed a robust 9.2pc 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 the strength of exports. (Reuters)