Germany January retail sales -4.5% vs +0.3% m/m expected
Latest data released by Destatis - 2 March 2021
- Prior -9.6%; revised to -9.1%
- Retail sales -8.7% vs +1.7% y/y expected
- Prior +1.5%; revised to +2.8%
That is back-to-back poor readings for German retail sales as the lockdown since November starts to weigh more heavily on consumption activity. The December drop was already the worst monthly percentage fall on record and this adds to the misery.
Not quite a good look to start the new year and with tighter restrictions keeping up until today, Q1 is not shaping up all too well for the services/retail sector.