Retail Sales Increase Further for 2020 in Germany in December
Retail sales posted yet another strong number for November in Germany
Skerdian Meta•Tuesday, January 5, 2021•1 min read
The German economy was hit hard during the lock-down months, due to the coronavirus outbreak. But, it recovered well during the summer, after the reopening of the continent. The Eurozone economy weakened again in Autumn. Services have fallen into recession, but retail sales are increasing instead, as the last two reports have shown. Today’s report was expected to show a decline for November, but it came in positive again and the Year-on-Year sales increased to 5.6% for last year, until November.
German November Retail Sales Report
- November retail sales MoM +1.9% vs -2.0% expected
- October retail sales +2.6%
- Retail sales YoY +5.6% vs +4.0% expected
- Prior sales YoY+8.2%; revised to +8.6%
A slight delay in the release by the source. The jump in German retail sales was a surprise, considering the reintroduction of lockdown measures that took place in November.
On the one hand, it feeds into a slightly more robust consumption narrative in Q4 of last year but I’m still not all too convinced. Either way, the market is more forward-looking, so the data here is rather inconsequential, but at least it doesn’t add to the doom and gloom.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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