http://www.bloomberg.com/news/2013-06-28/german-retail-sales-rise-on-signs-of-economic-recovery.html
German retail sales rose more than economists forecast in May, adding to signs that a recovery in Europe’s largest economy has gathered pace amid record-low interest rates, while inflation accelerated.
Sales (GRFRIAMM) adjusted for inflation and seasonal swings climbed 0.8 percent from April, when they fell 0.1 percent, less than originally estimated, the Federal Statistics Office in Wiesbaden said today. Economists had predicted a May increase of 0.4 percent, according to the median of 23 forecasts in a Bloomberg News survey. The consumer price index rose more than forecast, climbing 1.9 percent this month, separate data showed.
German unemployment unexpectedly declined in June, business confidence climbed and ZEW’s investor sentiment index increased, according to reports this month. Consumer price gains nationally probably accelerated for a second month, figures from the Federal Statistics Office are forecast to show today. Chancellor Angela Merkel, who faces elections in September, warned this week that the European Union must improve competitiveness rather than print more money.
“On the basis of sound fundamentals such as the resilient labor market, rising wages and low inflation, German consumers have become more confident,” said Christian Schulz, an economist at Berenberg Bank in London. “Robust domestic demand, of which consumption is an important part, may prove to be crucial for gross domestic product growth this year.”
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