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German Retail Sales Decline In November

Thursday, Germany's Federal Statistical Office announced that the retail sales in real terms dropped a seasonally and calender adjusted 1.1% month-on-month in November, compared to a flat reading in October, revised from 0.5% growth estimated initially. Economists expected an increase of 0.3%.

Year-on-year, retail sales decreased 2.8% in November, faster than the 1.6% fall in October, revised from 1.7% drop estimated initially. Economists were looking for a decline of 1.7%.

For the January to November period, retail sales dropped 1.8% compared to the same period of the previous year.

In nominal terms, retail sales dropped a seasonally and calender adjusted 1.2% month-on-month in November, after a flat reading in October. On an annual basis, retail sales dropped 3.1%, faster than the 2.4% decline in October. For the first eleven months of the year, retail sales slipped 2.6% over a year ago.

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