German retail sales fall in September

| October 30, 2009 | 0 Comments
German retail sales fall in September

Europe’s largest economy, Germany, emerged from recession in the second quarter after experiencing positive growth, however, this hasn’t stopped the decline in retail sales.

The Federal Statistics Office said retail sales in Germany fell 0.5% in September compared with August and were down by 3.9% on an annual basis.

Retail sales also fell in August by 1.8%.

According to analysts, the figures suggest that household demand remains weak on continuing fears that unemployment will continue to rise.

Commenting on today’s figures, Action Economics said: “The German labour market is holding up better than expected and falling energy prices are lifting real disposable income, but while Government incentives are boosting car sales, retail sales remain weak.”

In other news today, figures from Eurostat have revealed that the number of people unemployed across the euro zone grew to 15.3 million in September.

The latest figures mean that the unemployment rate across the 16 countries that use the euro is 9.7% - the highest rate since January 1999.

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