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- German retail sales climb the most since October 2016
German retail sales climb the most since October 2016
The Federal Statistical Office's (Destatis) report revealed that German retail sales rose more than expected m-o-m in June but unexpectedly decelerated in y-o-y terms. According to the report, retail sales rose by 1.1 percent m-o-m in real terms in June, following a 0.5 percent m-o-m rise in May. That beat economists' forecast of just 0.2 percent m-o-m advance and was the strongest increase since October 2016, when retail turnover advanced 1.5 percent m-o-m.
However, in y-o-y terms, retail sales grew by 1.5 percent in June, decelerating sharply from an upwardly revised 4.9 percent gain in May (originally a 4.8 percent rise). Economists expected to see a 2.7 percent growth. June's gain was the second consecutive increase in sales.
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