In April, retail sales plunged 11.3% over the same month last year, which nearly tripled the revised 4.0% drop recorded in March (previously reported: -3.6% year-on-year). The reading marked, in fact, the largest fall since February 2009. Although the decline was broad-based, the monthly reading mainly reflected a sharp drop in sales of personal equipment as well as of household goods. On a seasonally and working-day adjusted basis, retail sales declined 9.8% over the same month last year, a sharp deterioration compared to the 3.8% drop observed in March. As a result of the decline in April, the trend is now deteriorating again after a brief improvement in the previous two months, with annual average variation in retail sales falling from minus 5.4% in March to minus 6.1%. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.
Retail sales drop most in over three years
May 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).