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Consumers driving German economy

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Consumers driving German economy

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German consumer spending has shot up in April an indication that domestic consumption is a real driver in the German economy.

Spending doubled expectations for the month.

The low oil prices earlier in the year boosted consumption, but as the price recovers spending my slow.

Figures for the first four months of the year showed a solid 3.1 percent increase in retail sales compared to 2014.

The German labour market is in rude health and low interest rates provide less incentive to save.