German retail sales tank in November
By Benjamin Chiou
Date: Friday 05 Jan 2024
(Sharecast News) - German retail sales dropped sharply in November as non-food sales tanked, according to the federal statistics office, Destatis.
Retail sales were down 2.5% during the month, wiping out the 1.1% gain registered in October, and surprising analysts who had pencilled in a decline of just 0.1%.
Compared with November 2022, the annual rate of decline worsened to 2.4% after a 0.1% fall the month before and well below the 0.5% decrease expected by the market.
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