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German retail sales drop surprisingly in April

Xinhua, May 31, 2016 Adjust font size:

Against economists' expectation, German retail sales dropped for the second consecutive month in April, official data showed on Tuesday.

Compared with the previous month, German retail sales fell by 0.9 percent in April, said German federal statistics office Destatis.

The drop was unexpected by economists which had forecast the sales to rebound following a decline of 1.4 percent in March.

Monthly retail sales figures are typically volatile as they were often revised by statisticians.

In a year-on-year comparison, German retail sales grew by 2.3 percent in April and by 1.9 percent in the first four months of 2016.

German retailers' association HDE said last month that it saw the industry on track to reach a 2-percent sales growth this year, citing stable labour market, increasing wages and low interest rates as positive factors for business development. Endit