Retail sales in Germany dropped more than expected in July, registering their sharpest rate of decline in nearly two years, according to data out on Friday from Destatis.
Source: Sharecast
Retail sales volumes declined 1.5% last month, more than offsetting a 1.0% increase in June, the Federal Statistical Office said.
This was the biggest monthly slip since August 2023 and much worse than the consensus forecast of -0.4%.
Food sales fell by 1.8% in July, while non-food sales were down 0.7%; meanwhile online sales dropped 3.8%.
Compared with July 2024, sales volumes were up 1.9%, slowing from the 4.9% year-on-year surge in June, missing the 2.6% increase expected.
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