German Retail Sales Increase More Than Expected In October

Sponsored Links

Tuesday, Germany's Federal Statistical Office announced that the retail sales in real terms increased a seasonally and calender adjusted 0.5% month-on-month in October, compared to the 0.2% decline in the preceding month. Economists expected an increase of 0.4%. A year earlier, retail sales were down 1%.

Year-on-year, retail sales decreased 1.7% in October, slower than the 3.2% fall in September, revised from 3.9% drop estimated initially. Economists were looking for a decline of 1.9%.

For the January to October period, retail sales dropped 1.8% compared to the same period of the previous year.

"Looking ahead, Christmas sales could give another boost to retail sales," ING senior economist Carsten Brzeski said. "However, looking beyond Christmas sales, the outlook seems rather bleak."

"Still, high pent-up demand after years of wage moderation and one of the highest personal savings rate of all Eurozone countries make private consumption still an untapped source of future growth."

In nominal terms, retail sales decreased 2.4% year-on-year in October, compared to the 4.5% fall in the previous month, revised from 4.8% decline reported initially. A year ago, retail sales had grown 2%. On a monthly basis, retail sales rose 0.6% in October, after falling 0.5% in September. For the first ten months of the year, retail sales were up 2.5% over a year ago.

Tuesday, Germany's Federal Statistical Office announced that the retail sales in real terms increased a seasonally and calender adjusted 0.5% month-on-month in October, compared to the 0.2% decline in the preceding month. Economists expected an increase of 0.4%. A year earlier, retail sales were down 1%. (Market News Provided by RTTNews)