Economic Buzz: German Retail Sales Advance 10.3% On Year In January

7 Mar 2022 , 03:05 PM

Germanys retail sales advanced 10.3 percent year-on-year in January, following a 0.8 percent rise each in December and November, data published by Destatis revealed on Monday. Destatis said the strong increase in sales compared to the same month last year is partly due to the partial lockdown in January 2021. Data showed that many consumers preferred larger purchases, such as furniture, to December 2020 due to the temporary reduction in VAT in the second half of 2020. Food, beverages and tobacco sales dropped 5.6 percent, while non-food sales surged 22.8 percent from the last year. On a monthly basis, retail turnover rebounded 2.0 percent after falling 4.6 percent in December

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