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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
MNI (London)
GERMANY MAR RETAIL SALES -2.4% M/M; -8.6% Y/Y
German retail sales contracted in March, falling -2.4% m/m against consensus expectations of at +0.3% m/m uptick. Compared to March 2022, retail sales dived -8.6% y/y, and remain -1.3% below pre-pandemic March 2019 levels.
- Food sales fell -1.1% m/m and saw a record Y/Y contraction at -10.3% y/y as food price inflation (+22.3% y/y in March) saw households cut spending. Non-food sales also fell -2.3% m/m.
- Looking forward, consumer sentiment is improving in the German economy. Germany’s forward-looking GfK consumer sentiment indicator increased for a seventh consecutive month for May.
- GfK Income expectations rebounded significantly, with government energy support, cooling inflation and less-recessionary outlooks largely underpinning optimism.
- Nonetheless, the propensity to buy subindex remains downtrodden despite another uptick and GfK sees private consumption dragging on GDP this year.
- German GDP was flat in Q1, after a -0.5% q/q Q4 contraction. Household and government consumption expenditure were the key downwards drivers, and today's retail contraction echoes that German growth outlooks remain pressured for now.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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