German retail is not in a very promising position

In contrast to expectations, German retail sales were significantly reduced on monthly basis in June and even the 0.4 percent increase of May was modified to a 1.3 percent decrease, after a re-examination.

According to the German Federal Statistical Office, annual retail sales decreased by 1.6 percent. The analysts expected a monthly rise of 0.5 percent, while 0.9 percent decline was expected on annual basis. On an annual basis sales decreased by 2.1 percent in the first half of this year. This reduces the hope that private consumption can contribute to economic prosperity – reports ProfitLine.hu.