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German retail sales in unexpected May drop

German retail sales in unexpected May drop

Official figures show that retail sales in Germany unexpectedly fell in May, in another sign that Europe's largest economy is coming off the boil.
Germany's Federal Statistical Office said Friday that sales. Adjusted for seasonal factors, fell by a monthly rate of 0.3 percent, in contrast to market expectations for a flat reading. Compared to the same month last year, sales were down 1.1 percent.
With German exports to its euro partners faltering as many grapple with their debts, the country has been hoping that domestic demand would prop up growth.
In unadjusted terms sales rose 0.1 percent in May over April and were 1 percent higher on the year. Businesses were open for two more days of sale on May 2011 compared to May 2012.


Updated : 2021-05-16 23:42 GMT+08:00