29.05.202006:35:00UTC+00German Retail Sales Fall At Fastest Pace Since 2007

Germany's retail sales logged its largest fall since 2007 as most of the stores were closed amid coronavirus pandemic, data from Destatis showed on Friday. Retail sales turnover decreased 5.3 percent on a yearly basis in April, following a 4 percent drop in March. This was the biggest fall since January 2007 but slower than the expected decline of 12 percent.

On a monthly basis, retail sales fell 6.5 percent, much faster than March's 1.2 percent decrease. Sales were expected to decline 14.3 percent.

The sharp fall in turnover was partially offset by strong demand for essential goods. Food, beverages and tobacco sales grew 6.2 percent, while non-food sales fell 14.5 percent.

In nominal terms, retail sales decreased 5.1 percent on month and declined 5.3 percent from the same period last year.