German retail sales fall 2.9% in August: data

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Retail sales in Germany, the biggest European economy, fell a larger-than-expected 2.9 percent in August compared with July, provisional figures showed Friday.

Analysts polled by Dow Jones Newswires had forecast a far smaller drop of 0.1 percent corrected for seasonal adjustments but economists agree the indicator is very volatile and subject to frequent revisions.

For July, retail sales rose a revised 0.3 percent, the national statistics office said, after initial figures showed no change.

German consumer sentiment remained relatively robust during the summer despite turbulence on the financial markets and the debt crisis in the eurozone, the GfK research institute said.

However, the relative optimism did not translate into retail sales.

© 2011 AFP

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