German retail sees sharp declines
What: Unexpectedly, German retail trade sales have fallen sharply in October.
Why it is important: Clothing and shoe business revenues were 7.9% below the level of October 2021, while internet trade recorded a drop of 7.2%.
In a year-on-year comparison, the Federal Office reported a real 5.0% drop in retail sales for October and a nominal 6.2% increase. According to economists, a poor mood among consumers due to high inflation has caused revenues to fall by 2.8%. Initially, the drop was expected to be lower at 0.5%.
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