30.07.201003:22:00UTC+00German June Retail Sales Drop More Than Expected

German retail turnover dropped by a seasonally and calendar adjusted 0.9% in June from May, according to provisional results of the Federal Statistical Office, released on Friday. The decline reversed last month's 3% monthly growth. Economists had expected only 0.2% fall for June.

Annually, retail turnover rose 3.1% in June after falling 0.7% in May. The annual growth rate far exceeded the expected 1% increase. In nominal terms, sales were down 1.1% month-on-month, while it increased 3.8% annually. Compared with the previous year, turnover in retail trade declined by a real 0.4% in the first six months of 2010. On the other hand, turnover increased 0.5% in nominal terms.

Copyright(c) 2010 News.com, Inc. All Rights Reserved