German shops sold more in November 2020, while the unemployment rate was lower than expected over December, according to figures from the Statistisches Bundesamt (Federal Statistical Office) and the Bundesagentur für Arbeit (Federal Employment Agency).
German shops reported a 5.6% increase in revenue compared to the same month in 2019 and 1.9 percent compared to October 2020. For the whole of 2020, the Statistisches Bundesamt predicts an increase of 4.1 percent, compared to 2019.
In the non-food retail sector, sales in November 2020 rose in real terms by 8.5% and in nominal terms by 8.8% compared with the same month of the previous year. The largest increase in turnover compared with the previous year’s month in real terms by 31.8% and 33.1% in nominal terms was achieved by the internet and mail order business.
Trade in furniture, household appliances and building materials also increased, with a real plus of 15.4%. Trade in textiles, clothing, shoes and leather goods as well as the retail trade in various types of goods (e.g. department stores) did not return to the previous year’s level, with real growth of -20.0% respectively -6.1% compared with November 2019.
At the same time, the Bundesagentur für Arbeit reported that another 37,000 people found a job, while it was expected that the unemployment rate would go up, because of the current lockdown in Germany.
Investment bank Berenberg believes these positive numbers give hope for the new year, while ING believes the figures are bloomed by measures taken by the German government to keep unemployment low.
The total number of unemployed currently is 2.7M, meaning 429,000 more people are unemployed compared to the previous year.
