German retail sales drop sharply in April
By Benjamin Chiou
Date: Friday 31 May 2024
(Sharecast News) - Retail sales in Germany dropped sharply in April, pulling back after a stronger-than-expected increase the previous month, according to Destatis.
The Federal Statistical Office reported on Friday that retail sales fell by 1.2% month-on-month in April, surprising economists who expected a fall of just 0.2%.
Compared with April 2023, sales were down 0.6%, compared with a revised 1.9% year-on-year decline in March.
Food sales tanked 3.7% over the month, while non-food retail saw growth of 0.2%, the data showed.
However, March's monthly increase was revised up to 2.6% from the 1.8% gain initially estimated.
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