GLOBAL MARKETS-Global stocks slip on economic data, gold gains

* Global shares fall on dour U.S., euro zone data

* Dollar rallies after dismal U.S. retail sales data

* Government debt rallies on retail sales, BoE outlook

* Oil rises after EIA says U.S. crude inventories fall (Updates with U.S. markets activity; changes dateline, previous LONDON)

By Herbert Lash

NEW YORK, May 13 (Reuters) - Global stocks fell on Wednesday after reports of declining U.S. retail sales and falling output in Europe dimmed hopes for a rapid economic recovery, spurring demand for safe-haven gold and government debt.

The U.S. dollar rallied against most major currencies after news of the unexpected drop in U.S. retail sales in April reminded investors of the rocky road to recovery for a global economy mired in its worst recession in decades.

But oil prices edged higher after a U.S. government report showed a surprise drop in crude inventories in the world's top consumer.

U.S. gold futures rose above $930 an ounce, trading at a one-month high, while U.S. and euro zone government debt prices rose.