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Retailers in Germany, the eurozone's largest economy, this morning reported a further decline in business in March, after sales fell in both January and February
Figures released today by the Federal Statistics Office show that German retail sales fell by 3.2pc in nominal terms in March from a year earlier and declined by 4.5pc in real, or price-adjusted, terms. But that was partly because March this year had two fewer shopping days than March 2001, the office explained.
Using a month-on-month comparison, sales were up by a nominal 1.2pc in March from February, it continued.
In the first three months of the year as a whole, sales were down by a nominal 2.3pc and by a real 3.8pc from the figure for the first quarter of 2001, it added
However, there was some good news for the German economy with inflation figures coming in exactly in line with forecasts. German consumer prices in April rose by 0.1pc from March and were up by 1.6pc from the same period the year earlier, according to final data from the Federal Statistics Office.