Setback to consumer spending as German retail sales dip

German retail sales fell in February and January’s reading was revised down to show a slight decline for the month, in a setback for consumer spending, on which Europe’s largest economy is increasingly relying for growth.

The volatile indicator, which is often subject to revision, showed a month-on-month decline of 0.4 per cent, the Federal Statistics Office said on Thursday.

Economists polled by Reuters had expected a monthly increase of 0.3 percent.

On the year, retail sales climbed by 5.4 per cent. That compared with the consensus forecast for an increase of 2.2 per cent.

Reuters