According to Destatis, the country’s retail sales excluding auto fuel rose by 1.1% on a monthly basis in June after edging up by 0.5% in May. Analysts had expected a 0.2% rise. Year-on-year, sales advanced by 1.5%, coming in shy of expectations for a 2.7% increase
According to the Bundesbank’s latest projection, Germany’s gross domestic product (GDP) could grow by 1.9% this year, 1.7% next year and 1.6% in 2019.
Consumption grew at a faster rate than exports to become the main driver of GDP growth, backed by stable labor market and low interest rates.
German consumer confidence is set to continue improving in August, market researcher GfK's monthly survey showed.
GfK said its forward-looking consumer sentiment index will rise to 10.8 in August from 10.6 in July. Economists had expected the reading of 10.6.
