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German retail sales jumps in July

Xinhua, August 31, 2016 Adjust font size:

German retail sales jumped in July, official data showed on Wednesday, adding signs that private consumption continued to support the German growth.

Compared with the previous month, retail sales in Europe's biggest economy increased by 1.7 percent in July, the strongest growth since January 2014, said German federal statistics office Destatis.

In the first seven months of 2016, retailers logged a yearly sales growth of 1.7 percent.

With support from private consumption, the German economy expanded by 0.7 percent in the first quarter and by 0.4 percent in the second quarter.

German retailers' association HDE has said that it saw the industry on track to reach a 2-percent sales growth this year, as stable labour market, increasing wages and low interest rates would spur households to loosen their purse strings. Endit