Spain Retail


Retail sales drop at softer pace in eight months

In April, retail sales contracted 2.6% over the same month last year. The print was well above the 10.9% fall tallied in March and represented, in fact, the mildest drop seen since August 2012. The improvement was broad-based, as all the sub-categories that compose the index recorded softest declines. On a working-day adjusted basis, retail sales declined 4.9% over the same month last year (March: -8.9% year-on-year).

As a result of the relatively subdued monthly contraction, the trend now points upwards, with annual average variation in retail sales rising from minus 8.6% in March to minus 7.9% in April. Nevertheless, negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.

FocusEconomics panellists expect private consumption to decline 2.9% in 2013, which is unchanged over last month's projection. For 2014, the panel sees private consumption contracting 0.2%.

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Spain Retail Chart

Spain Retail April 2013

Note: Year-on-year and annual average variation of retail sales.
Source: National Statistical Institute (INE) and FocusEconomics calculations.

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