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Financial News: Germany Retail Sales Fall Sharply In July

Germany Retail Sales Fall Sharply In July

09/01/2021 - 02:51:00 (RTTNews)

(RTTNews) - Germany's retail sales declined more-than-expected in July after two months of straight growth, data published by Destatis revealed on Wednesday.

Retail sales decreased by real 5.1 percent month-on-month in July, reversing June's revised 4.5 percent increase. Sales were forecast to fall moderately by 0.9 percent.

Destatis said retail turnover logged a notable growth in June because of the lifting of restrictions related to the pandemic.

On a yearly basis, retail sales dropped unexpectedly by 0.3 percent in July, in contrast to the 6.5 percent expansion posted a month ago. Economists had forecast an annual growth of 3.7 percent.

Food, beverages and tobacco sales were down 1 percent annually, while non-food sales remained flat in July.

In nominal terms, retail sales decreased 4.5 percent from June but increased 1.7 percent from the same period last year.

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