The FINANCIAL — German retail sales continued to expand in May, beating economists’ forecasts and supporting views that private consumption is likely to remain a solid pillar of growth in Europe’s largest economy, according to Nasdaq.
Retail sales in May increased 0.5% in real adjusted terms compared with April, federal statistics office Destatis said on June 30. Economists polled by The Wall Street Journal forecast that they would remain unchanged on the month. In April, retail sales grew by 1.3% on the month, revised from a first estimate of 1.7% growth.
German retail sales are a volatile indicator and prone to large revisions. Hence, economists treat the monthly numbers with caution and place more importance on three-month averages.
On an annual basis, retail sales fell by 0.4% in real terms in May, Destatis said.
In the first five months of the year, retail sales were up by 2.4% in real terms compared with a year earlier, Destatis said.