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Slump in German retail sales

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Slump in German retail sales

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Germany has been hit by a slump in retail sales, a bigger than expected drop in Europe’s largest economy.

Preliminary data showed the retail indicator was down 2.8 percent on the month in real terms and 0.8 percent on an annual basis.

The figures dented hopes that private consumption could compensate for the impact of the eurozone crisis on export activity in the country.

“A serious disappointment,” is how one analyst interpreted the figures. Hopes are high Christmas sales will provide a boost to the retail sector.