German Retail Sales Decline in July, Miss Expectations
Retail sales in Germany registered a surprising decline during July, increasing fears that recovery in Europe's largest economy could be
Retail sales in Germany registered a surprising decline during July, increasing fears that recovery in Europe’s largest economy could be under strain even into Q3 after lockdowns were lifted. According to data released by the Federal Statistical Office, retail sales fell by 0.9% MoM in July after declining by 1.9% in June.
The reading came in worse than forecast, with economists expecting a decline by 0.5% instead. However, on a positive note, July’s retail sales were 4.2% higher YoY in real terms, less than the 6.7% annual increase seen in the previous month.
Officials also highlight that retail sales in July were 0.9% higher than in February – the month before the pandemic. This could potentially indicate a sharp, V-shaped recovery in consumer spending after the coronavirus pandemic was brought under control and lockdown restrictions were eased across the country.
The decline in retail sales were driven by an over 25% reduction in sales across stores selling textiles, clothes, shoes and leather goods. Meanwhile, online retailers saw sales increase by around 20% in the month of July.
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