2017.01.0602:19:00UTC+00German Nov Retail Sales Decline Double Than Expected

Germany's retail sales declined in November at a pace double than economists' expected, preliminary data from Destatis showed Friday.

Retail sales dropped a calendar-and-seasonally-adjusted 1.8 percent from October, when they rose a revised 2.5 percent. Economists had forecast a 0.9 percent decline. The latest fall was the first since March.

On a year-on-year basis, however, retail sales grew 3.2 percent in November, which was much better than the 1.2 percent gain economists had predicted and the fastest in three months. In October, sales fell 0.8 percent, revised from 1 percent.

Food sales grew 2 percent and non-food sales increased 3 percent from a year ago. Internet and mail order sales jumped 7.8 percent annually.

The Destatis also said that German retail sales growth was estimated to be between 1.8 percent and 2.1 percent in 2016, which is weaker than the 2.5 percent gain registered in 2015.