German retail sales posted surprise growth in November, bringing the year’s retail trade turnover to a fresh record high.
- Retail sales for the month grew 0.6% in real terms and 1.1% in nominal terms from October, but down 2.9% on real terms and up 0.2% in nominal terms when compared with the same month last year.
- The latest monthly growth surpassed the 0.5% expected by the market, as analysts expect market conditions to “remain tense” for the time being due to the renewed concerns due to the COVID-19 restrictions.
- Retail sales for the year climbed by 0.9% when compared with the previous year in terms of real terms, and jumped by 3.1% in nominal terms, to hit a fresh record-high.
Year-to-date data indicate losses in shop-based retail trade also due to the impact of the pandemic.
EWG is up 0.30% premarket.