Ekonomické zprávy

German retail sales declined sharply in March

Data published by the Federal Statistical Office (Destatis) showed that in March the real (price-adjusted) turnover of all retail enterprises fell by 2.4% after a 0.3% decline in February (-1.3%). Economists had expected an increase of 0.4%. It marks a fourth consecutive month of falling retail sales, as high prices weigh on consumers' affordability. In annual terms, the rate of decline in retail sales accelerated to 8.6% from 7.1% in March. Consensus estimates suggested a reduction of 3.6% per annum. Meanwhile, compared with March 2019, the corresponding month before the Covid-19 pandemic, retail turnover in real terms decreased by 1.3% in March.

Destatis said that in March, real retail food sales decreased by 1.1% compared to February and by 10.3% per annum (the biggest drop since reporting began in 1994). One of the reasons for this decline was probably a significant increase in food prices (+22.3% per annum). Meanwhile, real retail sales of non-food products decreased by 2.3% over the month and by 7.2% per annum. The data also showed that real retail sales via the Internet and by mail fell by 4.8% over the month and by 8.4% per annum.

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