In October, retail sales contracted 8.4% over the same month last year, which marked a moderation compared to the revised 12.6% drop recorded in September (previously reported: -12.7% year-on-year). The reading marks the 28th consecutive month of declining retail sales, as consumer spending remains depressed. Although the monthly contraction was broad-based, it mainly reflected a sharp drop in sales of household goods. On a working-day adjusted basis, retail sales declined a sharper 9.7% over the same month last year (September: -11.0% yoy). As a result of the monthly contraction, the trend continues to point downwards, with annual average variation in retail sales falling from minus 6.3% in September to minus 6.4%. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.
Retail sales continue to fall sharply
November 28, 2012
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Spain Retail Chart
Note: Year-on-year and annual average variation of retail sales.
Source: National Statistical Institute (INE) and FocusEconomics calculations.
Spain Economic News
October 7, 2016
In August, industrial production expanded 4.0% from the same month last year in working-day adjusted terms.
October 5, 2016
The Markit Purchasing Managers’ Index (PMI) Composite Output Index came in at 54.1 in September, which was slightly below August’s 54.8 reading.
September 30, 2016
Spain’s current account balance incurred a surplus of EUR 3.0 billion in July, which was above the EUR 2.7 billion surplus recorded in the same month of last year and marked the highest reading since December 2014.
September 29, 2016
In July, the Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 6,267 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento).
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.