Data published by the Federal Statistical Office (Destatis) showed that retail sales rose by 1.8% in March, almost offsetting the February drop (-1.9%), and recording the first increase in the last 5 months. This was the sharpest increase since November 2021. Economists had expected sales growth of 1.3%. In annual terms, retail sales rose by 0.3% after a 2.7% decline in February. Consensus estimates suggested a 2.0% drop.
The Destatis said that food sales rose by 3.6% m/m in March. Compared to March 2023, food sales increased by 4.1%. Meanwhile, sales of non-food products fell by 0.2% on a monthly basis and by 1.7% per year. As for sales via the Internet and by mail, sales increased by 3.3% compared to February, but fell by 1.3% per annum.