Germany retail sales miss estimates, GDP forecast downgraded

Germany retail sales miss estimates, GDP forecast downgraded

Retail sales in Germany shrank by 0.4% MoM in July, according to the data of the Federal Statistical Agency. The markets expected the reading to come at -0.2%.

Yearly change showed retailers sold 0.8% more than in July last year, while the consensus was at 1.3%.

In June, according to revised data, the monthly increase in the reading was 0.9%, and not 1.2%, as previously reported. The annual growth estimate remained at 3%.

It is noted that the data do not include sales of cars and gasoline, volatile products which often skew the general trend.

As reported, in July, the European Commission downgraded forecasts for GDP growth in Germany, the largest economy of the eurozone, for the current and next year. Now the forecast of the EC assumes that in these two years the German economy will grow by 1.9% per year, while earlier it was forecasted an increase of 2.3% and 2.1%, respectively.

Euro stood relatively firm against the dollar this week with occasional attempts to gain more against the dollar.

Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.

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