German retail sales tumbled more than expected in January as an ongoing lockdown curtailed retail spending in Europe’s largest economy, data showed on Tuesday, Trend reports with reference to Reuters.
The Federal Statistics Office said retail sales fell 4.5% on the month in real terms after an upwardly revised decline of 9.1% in December. The January reading undershot a Reuters forecast for a decline of 0.3%.
“This decline can be explained by the ongoing coronavirus lockdown, which meant a closure of many retail stores since Dec. 16, 2020,” the statistics office said.