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German retail sales dip on the month in June but rise strongly on year
July 29, 2016 / 6:26 AM / a year ago

German retail sales dip on the month in June but rise strongly on year

BERLIN, July 29 (Reuters) - German retail sales fell by 0.1 percent on the month in June but a stronger-than-forecast yearly rise suggested consumer spending, which is expected to drive growth this year, remains a pillar of support for the economy as foreign trade weakens.

The volatile indicator, which is often subject to revision, was in line with expectations in a Reuters poll for a 0.1 percent monthly drop, data from the Federal Statistics Office showed on Friday.

The monthly data for May was revised down to a rise of 0.7 from a previously reported increase of 0.9 percent.

On the year, annual retail sales in Europe’s largest economy climbed by 2.7 percent in real terms - far more than the 1.3 percent increase forecast by economists in a Reuters poll. (Reporting by Joseph Nasr; Editing by Michelle Martin)

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