Retail sales in Germany grew by 2.4% MoM in October, according to preliminary data of the statistical office Destatis. The data are adjusted from the calendar, inflation and seasonal effects, while the expectations were for growth of 1%. This was the highest increase since June 2011, but the data, although is notoriously volatile, raise hopes that a prolonged period of lackluster retail sales has come to an end. In nominal dimensions the increase was 2.6%.
On an annual basis, compared to October 2015, German retail sales were down 1.0% in inflation-adjusted terms and by 0.4% in nominal dimensions. However, there was one shopping day less in October this year in comparison with previous year, which might affect the data.
A breakdown of the data suggested that the rise was mainly driven by growth in e-commerce as well as clothing and shoes sales.
In the first nine months of the year the retail sales in the Federal Republic grow by 1.8% in inflation-adjusted terms and by 2% in nominal dimensions compared to the same period of 2015. The Germany’s HDE retail association expects overall nominal sales to grow by 2.5% this year.
The market research group GfK forecast last week that consumer sentiment in Germany would pick up in December. It also confirmed an earlier estimate of a 2% increase in German household consumption this year, in real terms.
more recommended stories
French, German Factory Activity Exceed Expectations
Buttressing the case that the Eurozone.
South Africa Reports Tamer Inflation
South African consumer inflation fell to.
Indonesian Central Bank Surprises Market with Interest Rate Cut
The Indonesian Central Bank decided to.
ECB Questions Euro Strength
The most recent minutes of the.