Retail sales in Germany were less than expected in August

Retail sales in Germany increased slightly less than expected in August, in a year-on-year, comparision. Instead of the expected increase in monthly sales a decline was measured.

According to preliminary data released by the German Federal Statistical Office (Destatis) on Friday, retail sales, by filtering the price effects, increased by 2.8 percent compared to August last year. Analysts expected a 3.2 percent increase, after July’s 2.8 percent growth.

Sales in nominal terms – excluding margin effects – grew by 4.7 percent in August compared to a year before. Last year and this year in August, shops were open for 27 days. (MTI)