German retail sales declined significantly in July, according to data released by the country’s federal statistics office on Tuesday.
Retail sales fell 3.4% month over month, marking a much weaker result than markets had expected.
Retail Sales Miss Market Forecasts
Economists had forecast a 0.4% increase in German retail sales for July.
Instead, the 3.4% decline represented a substantial downside surprise and pointed to weaker consumer spending during the month.
The data may add to concerns about the strength of domestic demand in Germany and the broader outlook for Europe’s largest economy.
