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German retailers log strongest sales growth in 21 years in 2015

Xinhua, January 29, 2016 Adjust font size:

Retail sales in Germany posted the strongest growth over 21 years in 2015, statistics showed on Friday, underlining the importance of private consumption to economy expansion.

Compared with the previous year, German retail sales increased by 2.7 percent in 2015, reported German federal statistics office Destatis, adding that it was the strongest annual growth since 1994.

The significant increase offset sagged exports and sluggish investment in Germany, the biggest economy in Europe.

In 2015, the German economy expanded by 1.7 percent, driven mainly by private consumption, preliminary calculations from Destatis showed.

Benefited from record-high employment, increasing wages, weak inflation, low interest rates and falling energy prices, private consumption was expected to continue serving as the main driving force in 2016.

German consumers' confidence remained at a high level despite risks including terror attacks and the refugee crisis, according to a survey published earlier this week.

"Business expectations are positive," said Stefan Genth, Managing Director of German retailers' association HDE, on Friday. Endit