German retail sales fall unexpectedly in January
[BERLIN] German retail sales fell unexpectedly in January, data showed on Friday.
The volatile indicator, which is often subject to revision, showed retail sales fell by 0.8 per cent on the month in real terms, the Federal Statistics Office said.
This followed a revised December figure for unchanged sales from an initial drop of 0.9 per cent. The January figure came in sharp contrast to a Reuters consensus forecast for a 0.2 per cent rise.
On the year, retail sales edged up by 2.3 per cent in real terms, the data showed.
A breakdown of the year-on-year data showed that sales in all branches had risen in January, except for textiles, clothing, and shoes as well as sales at department stores.
The data came after a survey by the GfK research group last week showed the mood among German consumers had worsened more than expected heading into March to reach its lowest level in four months.
Record-high employment, increased job security, rising real wages and ultra-low borrowing costs have boosted the spending power of Germans, turning consumption into the main driver of growth in a traditionally export-driven economy.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1
Malaysia ex-PM Mahathir facing anti-graft probe in a case involving his sons