German Retail Sales Growth Accelerates In February

Germany's retail sales growth accelerated unexpectedly in February as consumers stockpile essentials ahead of containment measures taken by the government to curb the spread of the coronavirus, data from Destatis revealed Wednesday.

Retail turnover advanced 1.2 percent month-on-month in February, following January's 1 percent increase. Economists had forecast the sales growth to ease to 0.1 percent.

On a yearly basis, retail sales growth accelerated to 6.4 percent from 2.1 percent a month ago. The rate was also faster than the forecast of 1.5 percent.

Food, beverages and tobacco sales surged 7.8 percent and non-food product sales were up 5.6 percent in February.

Retailers are experiencing strong demand for convenience goods, Destatis said.

In nominal terms, retail sales grew 1.4 percent on month taking the annual growth to 7.7 percent in February.

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