German monthly retail sales unexpectedly fell in March, data showed today, marking a fourth consecutive drop and dampening cheer around a consumer-led upswing in Europe's biggest economy.
The volatile indicator, which is often subject to revision, showed retail sales decreased by 0.6% on the month in real terms, the Federal Statistics Office said.
That confounded the Reuters consensus forecast for a 0.8% rise and followed an upwardly revised drop of 0.2% in February.
Private consumption has been a key growth driver in recent years as consumers benefit from rising wages, record-high employment and strong job security but foreign trade propelled Germany's fourth-quarter growth.
On the year, retail sales climbed by 1.3%, beating a Reuters consensus forecast for a 1% increase.
The retail sales data came after a GfK survey published last week showed the mood among German consumers fell heading into May amid fears that a possible confrontation between the West and Russia in Syria and protectionist US trade policies could hurt the economy.
