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German retail to grow by 1pc

Thursday, January 31 09:23:43

Germany's HDE retail association said today it expects sales to grow 1.0 percent in nominal terms in 2013, after growth of 1.5 percent last year.

Sales over Christmas 2012 - for November and December - were down 0.7 percent on the previous Christmas, the HDE said.

German retail sales tumbled by their largest amount in over three years in December, according to preliminary data out on Thursday, denting hopes that private consumption can compensate for weaker exports and lift Europe's largest economy this year.

The notoriously volatile retail sales indicator slid by 4.7 percent compared to a year ago, the weakest annual result since May 2009. On a monthly basis, the fall was a more modest 1.7 percent, still the biggest drop since May 2011. ( C) Reuters