German Retail Sales Recover In May
Germany’s retail sales recovered in May driven by the easing of restrictions related to the coronavirus pandemic, data published by Destatis revealed on Thursday.
Retail sales grew 4.2 percent month-on-month in May, in contrast to a 6.8 percent decrease in April. But this was slower than the 5 percent increase expected by economists.
On a yearly basis, retail turnover was down 2.4 percent, in contrast to April’s 5.1 percent rise.
In nominal terms, retail sales gained 4.5 percent on month but dropped 0.6 percent from the same period last year.
Food, beverages and tobacco sales dropped 2.9 percent annually and non-food turnover decreased 2.2 percent.