Germany retail sales slump in June despite stronger petrol station sales again
- June retail sales -1.1% vs -0.1% m/m expected
- Prior +1.1%; revised to +1.2%
It is a rather disappointing reading following the stronger bounce in May, which owed to a bit of a caveat. The May rebound was largely due to petrol station sales, which climbed by 3.5%, amid political countermeasures with there being a fuel discount offered up from 1 May to 30 June.
That being said, petrol station sales continued to be strong in June with it rising by another 2.1% in real terms. Instead, it was broader categories that led to the marked decline in overall retail sales.
Of note, retail sales of food products fell by 1.4% in real terms while sales for non-food retail trade fell by 1.0% on the month.
Taking that into consideration, it's not quite a good look as the retail sales picture remains rather subdued. And if not for the rebound in petrol station sales in May and June, it could've been much worse. Owing to that, German retail sales did at least increase by 0.7% in real terms during the first half of the year compared to the same period last year.
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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