Federal Statistical Office: Retail sales surprisingly fell in February
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The German retail trade There was a surprising drop in sales of 1.8 percent in February. This emerges from information from the Federal Statistical Office. Adjusted for inflation, the decline amounts to 1.9 percent. Economists had actually expected slight growth in sales of around 0.3 percent. Compared to February 2023, there was a decrease of 2.7 percent, which was three times as large as expected.
“This is a cold shower for any consumer hopes,” said chief economist at Hauck Aufhäuser Lamp Privatbank AG, Alexander Krüger, about the decline. “Anyone who believes that higher wage agreements will boost private consumption is probably mistaken,” added VP Bank chief economist Thomas Gitzel.
The service company Ver.di has called for strikes in wholesale and retail this Thursday due to the ongoing collective bargaining dispute. Companies in Baden-Württemberg are affected.
This article will continue to be updated.
The German retail trade There was a surprising drop in sales of 1.8 percent in February. This emerges from information from the Federal Statistical Office. Adjusted for inflation, the decline amounts to 1.9 percent. Economists had actually expected slight growth in sales of around 0.3 percent. Compared to February 2023, there was a decrease of 2.7 percent, which was three times as large as expected.
“This is a cold shower for any consumer hopes,” said chief economist at Hauck Aufhäuser Lamp Privatbank AG, Alexander Krüger, about the decline. “Anyone who believes that higher wage agreements will boost private consumption is probably mistaken,” added VP Bank chief economist Thomas Gitzel.
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