German retail sales accelerate to beat forecasts with 3.3 per cent growth
German retail sales beat expectations, gaining 3.3 per cent year-on-year despite eurozone confidence being shaken by the Greek debt crisis.
Economists were forecasting a growth of just 1.7 per cent so Germany’s bullish sales figures come close to doubling expectations.
Monthly figures showed retail sales jumping by 1.4 per cent from June to July, according to figures released by Germany’s statistical office Destatis.
The latest data will be a welcome break from the dampener the turmoil in Greece has put on the country’s economic growth. Figures last week showed Germany’s personal consumption growth was just 0.2 per cent, the weakest growth in four quarters.