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2023.08.3106:38:00UTC+00Germany Retail Sales Fall More Than Expected In July

Germany's retail sales declined more than expected in July on falling food turnover, data from Destatis revealed on Thursday.

Retail sales fell 2.2 percent on a yearly basis in July compared to economists' forecast of 1.0 percent decrease.

Real food sales were down 1.8 percent from the last year. Consumers bought less grocery than in the same period last year but they had to spend more money on them. Non-food turnover was 1.9 percent below the level of the same last year.

On a monthly basis, retail sales slid 0.8 percent in July, confounding expectations for an increase of 0.3 percent.

In nominal terms, retail sales decreased 0.8 percent from a month ago and increased 2.7 percent from the last year.

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