German retail sales gain 2.3 percent in October: statistics

1st December 2010, Comments 0 comments

German retail sales gained 2.3 percent in October from the previous month, data released on Wednesday by the national statistics office showed, signalling a broadening recovery in Europe's biggest economy.

On a 12-month basis, sales gained 0.4 percent in nominal terms, a statement issued by the Destatis office added.

The data does not include sales of automobiles or petrol.

ING senior economist Carsten Brzeski noted that after "two rather disappointing months," Germany had posted its strongest monthly gain since January 2008.

In September retail sales had fallen by a revised 1.8 percent, Destatis said.

"Strong October retail sales should have been the prelude of a smashing Christmas shopping season," Brzeski commented, pointing to relatively strong levels of employment and "anecdotal evidence of Christmas bonuses."

"After months of pure window shopping, it now looks as if Germans are finally indulging in real spending."

© 2010 AFP

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