German retail sales report shocking dip in April
In April, German retail sales found themselves in negative territory, going down by approximately 0.9%, which appeared to be their second consecutive decrease. That definitely cast some doubt over hopes that consumer spending is going to power growth in the EU’s number one economy because foreign trades edges down.
The volatile indicator, often subject to frequent revisions, dared to completely ruin expectations in a Reuters poll for a 0.9% surge on the month, according to the data provided by the Federal Statistics Office unveiled on Tuesday. By the way, March’s data was revised down to an obvious decline of 1.4 from a previously posted drop of 1.1%.
Apart from that, on the year, retail sales managed to go up 2.3% in real terms. It appeared to be a serious market soar, especially compared with a downwardly revised surge of about 0.6% last month. Meanwhile, financial analysts surveyed by Reuters had hoped for a more moderate ascend of 1.9%.