EWG - Germany retail sales continue to fall to 2.4% in March
2023-05-02 02:36:25 ET
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Retail sales in Germany unexpectedly contracted 2.4% month-over-month in March of 2023, following a downwardly revised 0.3% decline in February and compared to market forecasts of a 0.4% rise.
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It marks a fourth consecutive month of falling retail sales, as high prices weigh on consumers' affordability.
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Sales of food went down 1.1% and non-food 2.3%. At the same time, online and mail order retailing fell by 4.8%.
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Year-on-year, retail sales sank 8.6%, with sales of food plunging 10.3%, the biggest drop since 1994.
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Considering the first quarter of the year, retail sales declined 5.4%.
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Germany retail sales continue to fall to 2.4% in March