Spain Retail


Retail sales worsen in May

In May, retail sales contracted 4.5% over the same month last year. The print was below the 2.6% fall tallied in April, which had represented the mildest drop seen since August 2012. The deterioration was broad-based, as all but one of the sub-categories that compose the index recorded large declines. On a working-day adjusted basis, retail sales declined 4.6% over the same month last year (April: -4.8% year-on-year).

Despite the monthly deterioration, the trend stabilized, with annual average variation in retail sales remaining at April's 7.9%. A 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 0.3%.

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Spain Retail Chart

Spain Retail May 2013

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

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