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Retail sales in Germany fell to the lowest in 28 years


August, 01 2022
watermark Economic news

According to the German federal statistical office Destatis, sales in the retail sector decreased by almost 9% compared to last year, which is the worst indicator in 28 years.


In particular, retail sales fell by 8.8%, which was the biggest decline since 1994.


Analysts note that this behavior of buyers is primarily due to rising prices – high inflation (7.6%) has a significant negative impact on consumer sentiment. According to the statistical bureau, the demand for products decreased by 7.2% compared to last year's data, the demand for clothing and shoes – by 5.4%. Online sales also decreased by 15.1% y/y.


On a monthly basis, retail sales in Germany fell by 1.6% compared to the previous month. Analysts at the same time expected an increase of 0.2%.


Food sales in June decreased by 1.6%, non-food products – by 3.3%. Online sales and orders of goods by mail decreased by 3.8%.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.