Germany retail sales were down -0.6% MoM in both nominal and real terms in November, below expectations of an 0.5% MoM increase.

• On a YoY basis, November sales were up 2.5% YoY in real terms. Real food sales were up 2.7% YoY, and real non-food sales were up 2.5% YoY.
• The first estimate of retail sales in 2024 was an increase of 1.3% in real terms (1.1% after calendar adjustment) and 2.7% in nominal terms (2.5% after calendar adjustment).