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- Germany's retail sales decrease much more than forecast in July
Germany's retail sales decrease much more than forecast in July
The
Federal Statistical Office (Destatis) reported on Wednesday that Germany's
retail sales plunged by 5.1 percent m-o-m in July, following a revised 4.5 percent
m-o-m surge in June (originally a 4.2 percent m-o-m jump). This represented the
first monthly drop in retail sales in last three months and was much worse than
economists’ forecast for 0.9 percent m-o-m drop.
According
to the report, retail sales of food, beverages and tobacco decreased 2.4
percent m-o-m, while sales at supermarkets, hypermarkets and hypermarkets fell
1.3 percent m-o-m and sales in the non-food retail sector shrank 7.1 percent
m-o-m.
In
y-o-y terms, retail sales fell 0.3 percent in July, following a revised 6.5
percent climb in the previous month (originally a 6.2 percent increase).
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