In July, retail sales dropped 6.9% over the same month last year, which marked a deterioration compared to the revised 4.4% drop recorded in June (previously reported: -4.3% year-on-year). The reading marked the 25th consecutive month of declining retail sales, as consumer spending remains depressed. Although the decline was broad-based, the monthly reading mainly reflected a sharp drop in sales at service stations. As a result of the decline in July, the trend is pointing downwards again, with annual average variation in retail sales inching down from minus 5.7% in June to minus 5.8%. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.
Retail sales decline for two straight years
August 31, 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 August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.
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).