Spain: Retail sales contract in October
November 27, 2013
In October, retail sales fell 0.6% over the same month last year. The print contrasted the 2.1% rise tallied in September (previously reported: +2.2% year-on-year), which had marked the largest expansion since March 2010. The deterioration was broad-based; all sub-categories of the index lost ground over the previous month, with household equipment registering the largest decline. On a working-day adjusted basis, retail sales contracted 0.5% over the same month last year (September: +2.1% yoy).
Annual average variation in retail sales improved from minus 6.5% in September to minus 5.8% in October, marking the highest level in over a year.
FocusEconomics Consensus Forecast panelists expect private consumption to decline 2.6% in 2013, which is unchanged over last month's projection. The panel sees private consumption growth at 0.2 in 2014, which is up 0.1 percentage points over the previous month's estimate.