German retail sales were up 0.8% MoM and 5.9% YoY in February. In real terms, sales were up 0.8% MoM and 4.9% YoY, well above expectations of no growth.

• The February annual increase in real sales was the largest since February 2022.
• Food sales (real) were up 0.8% MoM and 3.3% YoY.
• Non-food sales (real) were up 0.6% MoM and 5.2% YoY.
• Online orders (real) were up 1.0% MoM and 15.4% YoY.
• In the first two months of the year, real retail sales are 2.2% higher with food sales 1.3% higher and non-food sales 2.8% higher.