Spain: Retail sales growth drops to over one-year low in December
Retail sales expanded 3.4% in year-on-year terms in December, which followed November’s 5.9% increase. The outturn marked the worst reading since November 2022. The reading was largely due to weaker large chain stores sales. In addition, small chain stores sales lost pace.
On a seasonally and calendar adjusted monthly basis, retail sales fell 0.7% in December (November: +0.8% mom), the worst result since March 2022. Meanwhile, annual average retail sales growth fell to 6.1% in December (November: +6.2%), signaling a worsening trend in the retail trade sector.