Financial News: German Retail Sales Fall Unexpectedly In March

German Retail Sales Fall Unexpectedly In March

05/02/2023 - 07:05:00 (RTTNews)

(RTTNews) - Germany's retail sales declined for the second successive month in March and at a faster pace, as both food and non-food sales contracted, figures from Destatis showed on Tuesday.

Retail sales decreased by a real 2.4 percent on a monthly basis in March, after a 0.3 percent drop in February. Meanwhile, economists had expected a rebound of 0.4 percent.

Food sales were down 1.1 percent over the month, and non-food turnover slid 2.3 percent in March.

On a yearly basis, retail sales fell 6.5 percent in March versus a 5.8 percent decline in February. The expected decrase was 6.1 percent.

The annual downturn was led by a 10.3 percent plunge in food sales. This was the biggest decline since the time series started in 1994. Non-food sales also contracted, notably by 7.2 percent.

Real sales in online and mail order retailing fell by 4.8 percent compared to the previous month and dipped 8.4 percent from a year ago.

In nominal terms, retail sales dropped 1.3 percent monthly, and edged down 0.2 percent from a month ago.

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