Spain: Decline in retail sales softens in June as businesses continue to reopen
July 29, 2020
Retail sales fell 3.3% compared to the same month a year earlier in June, far less sharply than the 20.1% plunge logged in May as authorities continued to gradually lift the lockdown measures that were introduced in mid-March.
Looking at the details of the release, the contraction in sales was less severe in both single retail and small chain stores compared to May. Moreover, purchases at large chain and department stores rebounded solidly in the month.
On a monthly, seasonally-and-working-day adjusted basis, retail sales surged 17.8% in June (May: +19.4% mom). Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 3.5% in June, down from May's minus 3.2% reading.
Author: Javier Colato, Economist