European retail sales is reported to have risen from May’s drop in June, as it rose by 0.9%, after dropping 1.3% in the previous month. Hence, economists projected a gain of 0.5 %, as sales dropped 0.4 % from a year ago.

Also, in Germany, Europe’s largest economy, retail sales went up 6.3% from May, when they dropped by 2.5%, and French sales moved 0.7%, as Spanish sales fell 0.5%. In Ireland, sales were low, and in Portugal, they surged by
0.9%, with the countries receiving ‘European Union-led rescue funds’.

The euro spread its gains after the data were released, selling at $1.4317 in Brussels, as retail sales in the 17 countries, that use the euro, increased above the anticipated rate in June, majorly as a result of the remarkable strong performance in Germany.

Eurostat, the EU’s statistics office, stated: “Eurozone retail sales rose by 0.9 % in June from the previous month. That contrasted with the 1.3 % fall recorded in May and outstripped analysts’ expectations for a more modest 0.5 % rise”.

Moreover, Germany, Europe’s largest economy, was majorly behind the’ bigger than expected’ increase, as they recorded an impressive 6.3% rise, accompanying May’s 2.5 % fall.