German retailers association sees H2 retail sales gain 1.5 pct |
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Thu, 28 Jun 2007 11:34
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FRANKFURT (Thomson Financial) - German retail sales will likely gain a nominal 1.5 pct in the second half of this year, the HDE retailers association said.For the year as a whole, the association affirmed its 1 pct nominal growth forecast, it said in a statement.Adjusted for inflation, retail sales growth 'will likely hardly reach least year's level,' HDE president Josef Sanktjohanser said in the statement.If overall economic growth continues and unemployment continues to decline, retailers may post rising sales next year, he said.'But we do not dare make a forecast for 2008,' Sanktjohanser said, adding risks to retail sales are increasing nursing care insurance costs and a planned change of corporate tax laws.In the first four months of this year, German retail sales advanced a nominal 0.5 pct, corresponding to a decline of 0.5 pct in real terms, HDE said.in the first six months of this year, retailers will likely have posted 'slightly worse' growth than in the four months to end-April.maria.sheahan@thomson.commas/amCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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