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Schaeuble says consumption strong, but confidence worsening in Europe

DUBLIN (Reuters) - German Finance Minister Wolfgang Schaeuble on Friday said he believed consumption and employment remained strong in Germany, but that geopolitical risks were undermining confidence across Europe.

Data showed earlier on Friday that German retail sales posted their biggest monthly decline in more than seven years in September, a sign that consumers cannot be relied on to prop up Europe's largest economy.

"I can tell you that consumption demand is high, our labour market is fine. There is a growing concern in Europe over geo-political risks, in Russia, the Middle East... altogether there is a worsening of confidence," Schaeuble said at an event in Dublin.

"For economic development, the most important thing is confidence," he added.

(Reporting by Padraic Halpin; Writing by Conor Humphries; Editing by Sonya Hepinstall)