Spain Retail February 2018

Spain

Spain: Retail sales growth moderates slightly in February

March 28, 2018

Retail sales growth continued to hum along in February, moderating marginally from January but suggesting steady household spending amid solid labor gains and low borrowing costs. Retail sales were up 2.2% in year-on-year terms in February, coming in slightly below the downwardly revised 2.4% increase recorded in January (previously reported: +2.5% year-on-year). Although the national economy has withstood political noise stemming from Catalonia’s attempt at gaining independence, the region’s performance is showing signs of fatigue, with sales contracting 0.8% in February (January: +1.3% yoy).

February’s resilient figure was the result of a pick-up in food sales as well as faster growth in household and personal equipment purchases, which largely offset weaker sales in all other main categories. On a distribution-based classification, sales were softer in single retail stores and small chain stores, which more than offset slightly stronger sales in large chain and department stores.

Annual average growth in retail sales recorded a back-to-back expansion in February, rising to a seven-month high of 1.3% in February from 0.9% in January.

Spain Private Consumption Forecast


FocusEconomics Consensus Forecast panelists see private consumption expanding 2.4% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees private consumption growing at 2.1%.


Author:, Economist

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Spain Retail Chart


Spain Retail February 2018

Note: Year-on-year and annual average variation of retail sales.
Source: National Statistical Institute (INE) and FocusEconomics calculations.


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