Retail sales in Germany fell to a record level in June

By: STA Date: 2022. 08. 01. 19:09

In June, retail sales in Germany decreased more than ever in real terms compared to a year earlier, but in nominal terms the decline remained below 1 percent, according to Monday’s report of the Federal Statistical Office (Destatis).

German consumers think carefully about what they take off the store shelves. (Photo: Pixabay)

In the largest economy of the European Union, the turnover of the retail sector decreased by 8.8 percent in real terms in June compared to June 2021. In nominal terms, however, the turnover decreased by only 0.8 percent. The difference between nominal and real values reflects high inflation and high price increases, which significantly affect consumer confidence, Destatis highlighted in its report.

Compared to a month earlier, the decrease is 1.6 percent in real terms and 0.5 percent in nominal terms.

In the food retail trade, compared to a year earlier, the turnover decreased by 7.2 percent – in real terms – probably mainly due to the increase in the price of food, but it may also have been due to the fact that the turnover of restaurants started to rise after the lifting of restrictions due to the coronavirus pandemic. Among others, mail order and internet retailing and sales of clothing and footwear fell.

Gas stations were the only ones to avoid losses

On the other hand, traffic at gas stations increased, at least compared to a month earlier, by 6.4 percent, mainly due to the federal government’s fuel price discount. However, compared to a year earlier, a significant drop of 8 percent was still registered in the turnover of filling stations in Germany in June, according to the Destatis report.

MTI