German retail sales declined more than expected

German retail sales decline on an annual basis

The German Federal Statistical Office (Destatis) said on Wednesday that, with calendar and seasonal adjustment, retail sales fell 2.9 percent in real terms and 0.4 percent in nominal terms in October from a year earlier.

Analysts expected retail sales to fall by a smaller 2 percent in real terms following the 0.9 percent contraction in September. (MTI)