(RTTNews) – Germany’s retail sales grew at a much faster pace in March, data from Destatis showed on Monday.
Retail sales grew by a real 7.7 percent on a monthly basis in March, faster than the 2.7 percent increase in February and 3 percent rise economists had forecast.
On a yearly basis, retail sales rebounded 11 percent, reversing a 6.6 percent fall in the previous month and confounding expectations for a decrease of 0.3 percent.
Data showed that food, beverages and tobacco sales gained 2.9 percent and non-food product sales surged 17.5 percent.
In nominal terms, retail sales increased 7.4 percent on month and 12.3 percent annually in March.
In March, the calendar and seasonally adjusted real turnover increased by 4.4 percent compared with the pre-crisis month of February 2020.