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Financial News: Germany Retail Sales Fall Most On Record

Germany Retail Sales Fall Most On Record

08/01/2022 - 04:51:00 (RTTNews)

(RTTNews) - Germany's retail sales declined in June at the fastest pace since the records began in 1994, data released by Destatis showed on Monday.

Retail sales logged an annual decline of 8.8 percent in June, the biggest fall since the beginning of time series in 1994. Sales were expected to fall 8.0 percent after rising 1.1 percent in May.

On a monthly basis, retail turnover dropped 1.6 percent in June, confounding expectations for an increase of 0.2 percent and reversed May's 1.2 percent increase.

Data showed that food sales decreased 1.6 percent on month due to higher cost. At the same time, non-food sales fell 3.3 percent largely reflecting a 5.4 percent drop in clothing and footwear turnover.

In nominal terms, retail turnover dropped 0.5 percent on month, taking the annual fall to 0.8 percent in June.

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