German retail sales rebound in July, better than market consensus

Retail sales in Germany rebounded during the month of July, better than market consensus, reinforcing the key role of private consumption in the country's economic performance.

German retail sales rose by 1.7 percent in real, calendar- and seasonally adjusted terms in July from June, data released by the Federal Statistics office Destatis showed Wednesday. The increase exceeded a consensus forecast of 0.5 percent growth in a survey of market participants.

Further, In June, retail sales fell by 0.6 percent from the previous month. Destatis said a rise of 1.7 percent was registered in January 2014 and November 2013, while a 1.8 percent expansion occurred in January 2013.

Annually, retail sales fell by 1.5 percent in real terms, Destatis said, adding that July 2016 had 26 shopping days, while July 2015 had 27. Among the product categories, food, beverages and tobacco sales fell by 1.3 percent on the year, while non-food sales declined by 1.8 percent.

Meanwhile, during the first seven months of the year, total retail trade advanced by 1.7 percent in real terms from same period of 2015.