GERMANY, Berlin. Germany's retail sales declined more-than-expected in July after two months of straight growth, data published by Destatis revealed this week.
Retail sales decreased by real 5.1% month-on-month in July, reversing June's revised 4.5% increase. Sales were forecast to fall moderately by 0.9%. Destatis said retail turnover logged a notable growth in June because of the lifting of restrictions related to the pandemic. On a yearly basis, retail sales dropped unexpectedly by 0.3% in July, in contrast to the 6.5% expansion posted a month ago.
Economists had forecast an annual growth of 3.7%. Food, beverages and tobacco sales were down 1% annually, while non-food sales remained flat in July. In nominal terms, retail sales decreased 4.5% from June but increased 1.7% from the same period last year.