Spain: Retail sales growth eases in October
Retail sales expanded 4.5% year on year in October (September: +6.1% yoy). The outturn marked the worst reading since February. October’s slowdown was partly driven by a deterioration in large chain stores sales, as they expanded at the slowest pace since February. In addition, single retail stores sales lost steam.
On a monthly basis, retail sales dropped 0.2% in seasonally adjusted terms in October, contrasting September’s 0.1% expansion and marking the worst result since July 2022. Meanwhile, the trend improved, with the annual average growth of retail sales coming in at 5.6%, up from September’s 5.4% reading.