Spain: Retail sales ease in July
August 26, 2016
In July, retail sales rose 3.1% over the same month last year, which was notably below June’s revised 5.9% increase (previously reported: 6.0% year-on-year). The result came mainly on the back of increasing sales in services, while a decrease in food sales dragged on growth. On a seasonal- and calendar-adjusted basis, retail sales in July expanded 4.9% over the same month of the previous year, which was below June’s 5.7% rise.
As a result of slower annual growth, the upward trend halted in July. Nonetheless, annual average growth in retail sales was stable at June’s 4.3%, the highest reading on record.
Author: David Ampudia, Economist