German retail sales significantly lagged behind expectations in May

German retail sales are far behind the expectations in May – according to a statement issued by Destatis on Friday.

In May, retail sales declined by 1.6 percent compared to a year before, instead of the expected 1.0 percent growth. In April a 1.8 percent growth occured.

Compared with the previous month, both seasonal and calendar effect adjusted, the decrease was 2.1 percent in May following the monthly increase of 1.6 percent in April. The market expected a 0.5 percent monthly drop in May – Destatis, the German Federal Statistical Office revealed. (MTI)