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German retail body sees 2015 sales up by 1.5%

[BERLIN] German retail sales will climb by 1.5 per cent in nominal terms to around 466 billion euros (S$712 billion) this year after increasing by 1.9 per cent in 2014, Germany's HDE retail association said on Friday.

HDE said consumers would likely benefit from a strong labour market and rising wages while they also have little incentive to save due to low interest rates.

German consumer sentiment surged to its highest level in more than 13 years heading into February, a survey showed on Wednesday, as lower oil prices meant shoppers in Europe's largest economy had more spare cash.

HDE's figures can differ from official data released by the Federal Statistics Office as they include different branches of retail. The official data showed earlier on Friday that nominal retail sales were up by 1.7 per cent last year.