- Food retail sales increased by 1.9% in August and were up 2.4% year-on-year.
- Non-food retail trade advanced by 1.1% in August and by 1.2% compared with August 2023.
- E-commerce and mail-order sales surged by 8.9% month-on-month and were up 10.8% compared with August 2023.
- Supporting broader consumption trends, retail sales were 2.1% higher year-on-year in August.
Retail Sales Ease Recession Concerns
Private consumption contributes over 50% to the German economy, making the upswing in retail sales significant. The positive trend contrasts with expectations of a 2024 economic contraction. On Monday, the German government forecast the economy will contract by 0.2% in 2024 after shrinking by 0.3% in 2023.
Impact on ECB Monetary Policy
The retail…
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