BERLIN (Reuters) - German retail sales rose by between 1.8 and 2.1 percent on the year in 2016 in real terms, a slightly slower growth rate than in the previous year, data showed on Friday.
In 2015, German retail sales rose by 2.5 percent in real terms, the Federal Statistics Office said.
For November, the volatile indicator which is often subject to revision showed retail sales fell by 1.8 percent on the month in real terms. On the year, retail sales were up 3.2 percent in real terms, the data showed.
The overall positive data reinforced expectations that private consumption remained an important growth driver in Europe’s largest economy in 2016.
Record-high employment, increased job security, rising real wages and ultra-low borrowing costs have boosted the spending power of Germans, making consumption the main driver of growth in a traditionally export-driven economy.
Reporting by Paul Carrel,; Editing by Michael Nienaber