German retail sales rise more than expected in January
German retail sales rose more than expected in January, according to figures released by Destatis on Monday.
Retail sales were up 0.7% compared with the previous month, from an upwardly revised 0.6% increase in December, beating economists’ expectations for a 0.1% drop.
However, compared with the same month a year ago, retail sales slid 0.8% in January, although Destatis noted that January 2015 had 26 shopping days, which was one more than this year.
Pantheon Macroeconomics said: “A solid report, especially considering the hefty upward revision of the December data.
“But these data are very volatile, and downside risks loom for the February report. Revisions also indicate that retail sales rose more than initially expected in Q4, supporting consumers’ spending despite the overall slowdown. Assuming no further change over the quarter, sales will jump 1.2% quarter-on-quarter in Q1, but this estimate is hugely uncertain given revisions and the volatility of these data.”