Germany November retail sales -0.6% vs +0.2% m/m expected

• Prior -0.3%; revised to +0.3%
• Retail sales +1.1% vs +0.9% y/y expected
• Prior +0.9%; revised to +1.6%

That’s a steep drop in retail sales, missing on estimates but the blow is softened by a more positive revision to the October figure at least. The breakdown shows a drop in retail sales of food products (-1.9%) with the non-food retail sector posting slight growth in sales (+0.3%).

The German stats office notes that 2025 retail sales is seen at +2.4% in real terms, based on their preliminary estimates. The range is projected somewhere between +2.3% to +2.6% in real terms for better accuracy. Looking into more detail, retail sales in the first half of 2025 showed a growth of around 3.8% before slowing in the second half of the year to 1.1%.

The jump in the first half of the year is noted to be attributed to a one-off effect resulting from the restructuring of a large online and mail-order company in August 2024, among other things.

This article was written by Justin Low at investinglive.com.