German retail sales plunged far more than expected in December as a decision to tighten lockdown measures in the COVID-19 pandemic choked consumer spending in Europe’s largest economy, data showed on Monday, Trend reports with reference to Reuters.
The Federal Statistics Office said retail sales fell 9.6% on the month in real terms after an downwardly revised increase of 1.1% in November. The December reading undershot a Reuters forecast for a drop of 2.6%.
Still, retail sales rose 3.9% on the year in real terms in the full year of 2020 despite the pandemic, the office said. That was slightly below a previous estimate of 4.1%.