German retail sales dropped sharply in April

31st May 2024 08:31

(Sharecast News) - Retail sales in Germany dropped sharply in April, pulling back after a stronger-than-expected increase the previous month, according to Destatis.

The Federal Statistical Office reported on Friday that retail sales fell by 1.2% month-on-month in April, surprising economists who expected a fall of just 0.2%.

Compared with April 2023, sales were down 0.6%, compared with a revised 1.9% year-on-year decline in March.

Food sales tanked 3.7% over the month, while non-food retail saw growth of 0.2%, the data showed.

However, March's monthly increase was revised up to 2.6% from the 1.8% gain initially estimated.