According to Destatis, German retail sales rose at a slower than expected pace in September, but showed significant annual growth, adding signs that consumption will continue to support growth this year. The volatile indicator, which is often subject to revision, showed that Germany’s retail sales increased by 0.5% on a monthly basis. Economists had expected a 0.7% increase.
Year-over-year, retail sales increased by 4.1%, up than the Reuters poll suggesting a 3% rise.
Retail sales data come after the GfK study showed on Thursday that high consumer sentiment was somewhat overshadowed by the beginning of November.
Analysts note that overall economic outlook remains robust, and leading economic institutions last month maintained growth forecasts in 2017 and 2018 at 1.9% and 2%, respectively.