Spain Retail July 2022

Spain

Spain: Retail sales deteriorate in July

August 31, 2022

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.

FocusEconomics Consensus Forecast panelists see private consumption growing 6.1% in 2022 and 2.7% in 2023.


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