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Germany Retail Sales Rise More Than Expected In June

Germany’s retail sales growth exceeded expectations in June as the relaxation of restrictions related to the pandemic supported consumer demand, data from Destatis revealed on Monday.

Retail sales grew 4.2 percent month-on-month in June, much faster than the economists’ forecast of 2 percent. Nonetheless, the latest increase was slower than the 4.6 percent growth logged in May.

On a yearly basis, retail turnover advanced 6.2 percent, in contrast to the 1.8 percent drop in May and economists’ forecast of -2.2 percent.

Food, beverages and tobacco sales gained 1.4 percent and non-food turnover climbed 9 percent.

Compared to February 2020, the month before the crisis, sales in June were in real terms 9.1 percent higher.

In nominal terms, retail sales gained 4.6 percent on month taking the annual growth to 8.2 percent in June.

The material has been provided by InstaForex Company – www.instaforex.com