Spain Retail


Spain: Retail sales continue to fall sharply

November 28, 2012

In October, retail sales contracted 8.4% over the same month last year, which marked a moderation compared to the revised 12.6% drop recorded in September (previously reported: -12.7% year-on-year). The reading marks the 28th consecutive month of declining retail sales, as consumer spending remains depressed. Although the monthly contraction was broad-based, it mainly reflected a sharp drop in sales of household goods. On a working-day adjusted basis, retail sales declined a sharper 9.7% over the same month last year (September: -11.0% yoy). As a result of the monthly contraction, the trend continues to point downwards, with annual average variation in retail sales falling from minus 6.3% in September to minus 6.4%. Negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.


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Spain Retail Chart

Spain Retail October 2012

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

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