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Financial News: Germany's Retail Sales Growth Tops Expectations

Germany's Retail Sales Growth Tops Expectations

07/31/2020 - 02:36:00 (RTTNews)

(RTTNews) - Germany's retail sales growth accelerated more than expected in June after the relaxation of the coronavirus containment measures, data published by Destatis showed Friday.

Retail sales grew at a faster-than-expected pace of 5.9 percent annually, following a 3.2 percent rise in May. Sales were forecast to advance 3 percent.

Food, beverages and tobacco sales were up 2.3 percent and non-food product sales climbed 8.4 percent.

On a monthly basis, retail turnover decreased 1.6 percent after expanding 12.7 percent in the previous month. Economists had forecast a 3.3 percent decrease.

Compared to February 2020, the month before the outbreak of Covid-19 in Germany, the turnover in June was 1.4 percent higher.

In nominal terms, retail turnover decreased 1.6 percent from May but grew 6.8 percent on a yearly basis in June.

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