Germany’s retail sales rebounded unexpectedly in May, figures from Destatis revealed Wednesday.
Retail turnover increased 3.8 percent on a yearly basis, reversing a 6.4 percent fall in April. Economists had forecast sales to fall 3.5 percent.
Month-on-month, retail sales advanced 13.9 percent, in contrast to a decline of 6.5 percent logged in April. This was much bigger than economists’ forecast of 3.9 percent.
Food, beverages and tobacco sales were up 4.9 percent annually and non-food sales grew 3.5 percent in May.
In nominal terms, retail turnover increased 13.4 percent on month taking the annual growth to 4.6 percent in May.
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