According to preliminary data from the Federal Statistical Office (Destatis), retail sales in Germany experienced a 1.1% increase in real (seasonally and calendar-adjusted) terms and a 0.7% increase in nominal (not seasonally adjusted) terms in October 2023 compared to September 2023. However, in a year-on-year comparison with October 2022, the retail sector saw a slight real decrease of 0.1% but a nominal increase of 2.6%. The variance between nominal and real results is indicative of the increased price levels in the retail sector.
Retail Sales Performance: October 2023
- Month-on-Month (Real): +1.1%
- Month-on-Month (Nominal): +0.7%
- Year-on-Year (Real): -0.1%
- Year-on-Year (Nominal): +2.6%
The chart displaying the change in retail sales rates illustrates these fluctuations, emphasizing the importance of considering seasonal adjustments for accurate analysis.
Retail Sales Breakdown:
- Food Retail: Real decrease of 1.3%, nominal decrease of 1.2%. Despite a 2.4% increase from the December 2022 low, real sales were down 1.6% compared to October 2022.
- Non-Food Retail: Real increase of 1.4% compared to the previous month and a 0.6% increase compared to the same period last year.
- Internet and Mail Order Retail: Real increase of 2.9% compared to the previous month but a 1.2% decrease compared to October 2022.
The report provides a sector-wise breakdown, showing that while food retail faced a decline, non-food retail, and online sales experienced growth.
Methodological Notes:
The comparison periods (month-to-month, year-to-year) play a crucial role in understanding economic trends. Short-term economic developments are best observed through month-to-month changes, while the year-on-year adjustment provides a longer-term perspective. The ongoing global situation may lead to diverse results in these comparisons.
https://www.destatis.de/DE/Presse/Pressemitteilungen/2023/11/PD23_460_45212.html