German Retail Sales ||

MoM: -5.3% (Forecast -0.2%, Previous 1.1%)

YoY: -6.6% (Forecast -2.6%, Previous -5.9%)

Real retail sales in 2022 down 0.6% on 2021 Full Report

Christmas business (or lack of!) disappoints.

German Import Prices ||

MoM: -1.6% (Forecast -2.5%, Previous -4.5%)

YoY: 12.6% (Forecast 11.5%, Previous 14.5%)

*Year-on-year price increase still due to higher energy prices, but energy is mostly cheaper month-on-month

Reuters Note

"Just before Christmas, retailers in German city centres missed the big rush," said VP Bank chief economist Thomas Gitzel.

"The much-cited loss of prosperity is also reflected in weaker consumption, among other things. As there is little change in this core dynamic for the time being, private consumption will continue to be weak," Gitzel said, adding that this would further weigh on economic output this quarter.

On Monday, the statistics office reported that gross domestic product in Germany declined by 0.2% in the last quarter of 2022, putting a winter recession - commonly defined as two successive quarters of contraction - back on the cards.

EUR