Germany's retail sales up 1.3% in 2024
Turnover of retail enterprises decreases 0.6% monthly in November
By Mucahithan Avcioglu
ISTANBUL (AA) - German retailers increased their sales 1.3% in 2024, according to official data from Destatis on Wednesday.
In November 2024, calendar and seasonally adjusted real retail sales fell 0.6% in November compared to the previous month, marking its third consecutive month of decline.
On the other hand, retail sales increased 2.5% compared to November 2023 on an annual basis.
While demand for food, beverages and tobacco products was high in November due to Christmas, retail sales of these goods increased 1.7% in real terms compared to November 2023.
Thomas Gitzel, chief economist at VP Bank, stated that low inflation had a "positive impact" on retailers, adding, “It is doubtful whether this trend will continue given the dark clouds over the labor market.”
Inflation in Germany averaged 2.2% in 2024. In 2022, inflation in the country increased to 6.9%, reaching its highest level since 1951.
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