German retail sales slump in March

German retail sales figures for March have shown an unexpectedly deep decline. On a year-on-year basis sales fell by 2.8 per cent, rather than an anticipated dip of 1.2 per cent. The slide was also harsher than expected on the same month last year, as sales decreased by 0.3 per cent, while analysts had expected them to remain flat.

There is some good news, as the Gfk consumer confidence survey for May has come in high. A figure of 6.2 for March (beating expectations of 5.9) and an upwards revision of the previous month from 5.9 to six indicate that perhaps Germans are slightly more upbeat about their prospects.