In September, retail sales plunged 12.6% over the same month last year, which marked a sharp deterioration compared to the revised 2.0% drop recorded in August (previously reported: -2.1% year-on-year). The figure marked, in fact, the largest drop on record, as the increase in the value added tax effective 1 September caused consumers to cut back on their purchases. In addition, the reading marks the 27th consecutive month of declining retail sales, as consumer spending remains depressed. The monthly contraction was broad-based, with all categories suffering sharp declines in annual terms. As a result of the sharp contraction, the trend is again pointing downwards, with annual average variation in retail sales falling from minus 5.7% in August to minus 6.3%. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.
Retail sales collapse in September
October 29, 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).