Spain: Retail sales deteriorate in July
Retail sales dropped 3.2% year on year in July (June: +0.4% yoy). Looking at the details of the release, July’s downturn was largely driven by a fall in large chain stores sales. In addition, sales contracted in both the single retail stores, and small chain stores sub-sectors.
On a seasonally- and calendar-adjusted monthly basis, retail sales fell at a more pronounced rate of 0.7% in July (June: -0.3% mom). Meanwhile, annual average retail sales growth fell to 0.1% in July (June: +0.5%), signaling a worsening trend in the retail trade sector.