Retail sales in Germany grew in November
Retail sales in Germany grew in November, but with slower pace probably stimulated by holiday shopping. So consumers continue to be key drivers for economic growth in the last quarter of 2014. In the penultimate month of 2014, sales grew by 1% on a monthly basis ironed compared with October, when the increase was within […]
Retail sales in Germany grew in November, but with slower pace probably stimulated by holiday shopping. So consumers continue to be key drivers for economic growth in the last quarter of 2014. In the penultimate month of 2014, sales grew by 1% on a monthly basis ironed compared with October, when the increase was within 2%. However, the speed at retailers fell by 0.8% compared to the same month of 2013, according to the latest data of the Federal Statistical Office Destatis.
The retail sales are quite volatile indicator, which is subject to large revisions. Market participants predicted growth of 0.2% mom, which were pleasantly surprised. In November, sales of food and beverages decreased by 3.2% yoy, while sales of non-food goods increased by 0.5% in real terms.
From January to November 2014 retail sales expanded by 1.1% yoy. Given these data, Destatis expected that in 2014 retail sales will rise by 1.2% in real terms and the figures in nominal terms will be in the range 1.5-1.7%.
