Germany Posts 0.2 Percent Drop in August Retail Sales
(MENAFN) Germany's retail sales saw a surprising dip of 0.2% in August compared to the previous month, according to official data released on Tuesday. This decline follows a 0.5% drop in July, as reported by the Federal Statistical Office (Destatis).
Economists had anticipated a 0.6% monthly increase in retail turnover, adjusted for price changes, in August. However, the data revealed a different trend.
While food sales grew by 0.6% from July, non-food retail sales fell by 1% during the same period.
On a yearly basis, retail sales in August showed a modest increase of 1.8%. Food sales, however, declined by 0.6% compared to last year, whereas non-food sales saw a 3.2% rise.
In the e-commerce and mail order sector, retail sales experienced a 2% drop month-on-month but recorded a notable 7.4% year-on-year growth in August.
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