Spain Retail


Retail sales drop further in February

In February, retail sales contracted 10.6% over the same month last year, which exceeded both the 8.8% fall recorded in January and market expectations of a 10.0% drop. 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 softer 7.8% over the same month the previous year (January: -10.0% yoy).

As a result of the monthly contraction, the trend continues to point downwards, with annual average variation in retail sales falling from minus 7.5% in December to minus 8.0%, the lowest level on record. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.

Consensus Forecast participants expect private consumption to decline 2.3% in 2013, which is up 0.1 percentage points over last month's projection. For 2014, the panel sees private consumption contracting 0.1%.


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Spain Retail Chart

Spain Retail February 2013

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

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