Retail rise lifts German hopes
By Geir Moulson |
July 2, 2010, Friday
|
Print Edition
Print Edition
A small rise in retail sales offered a hopeful sign yesterday for Germany's long-sluggish domestic demand, even as the country's economy minister mounted a robust defense of its export-heavy recipe for success.
Retail sales gained 0.4 percent on the month in May following declines in March and April, the Federal Statistical Office said in a preliminary report. Still, sales were down 2.4 percent compared with May 2009.
The numbers "are not yet evidence that private consumption has turned the corner, but they are a welcome sign of shopping activity," said Carsten Brzeski, an economist at ING in Brussels.
Germany has settled into a modest recovery over the past year as a healthier global economy and a decline in the value of the euro have helped its exports ?? traditionally its main motor. However, domestic demand has long been a weak point.
Brzeski noted that German private consumption has seen three quarters of decline since a popular government car-scrapping bonus program expired last year. Retail sales for the first five months of 2010 were down 1.3 percent on the year.
But he said recent confidence indicators brought "signs of some unexpected support," and suggested that Germany's progress at the football World Cup may even help spark spending.
Economy Minister Rainer Bruederle said that "we are an export-oriented economy and we can be proud of that."
Retail sales gained 0.4 percent on the month in May following declines in March and April, the Federal Statistical Office said in a preliminary report. Still, sales were down 2.4 percent compared with May 2009.
The numbers "are not yet evidence that private consumption has turned the corner, but they are a welcome sign of shopping activity," said Carsten Brzeski, an economist at ING in Brussels.
Germany has settled into a modest recovery over the past year as a healthier global economy and a decline in the value of the euro have helped its exports ?? traditionally its main motor. However, domestic demand has long been a weak point.
Brzeski noted that German private consumption has seen three quarters of decline since a popular government car-scrapping bonus program expired last year. Retail sales for the first five months of 2010 were down 1.3 percent on the year.
But he said recent confidence indicators brought "signs of some unexpected support," and suggested that Germany's progress at the football World Cup may even help spark spending.
Economy Minister Rainer Bruederle said that "we are an export-oriented economy and we can be proud of that."
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