Spain: Retail sales growth rebounds in May
June 29, 2017
Retail sales growth in Spain seems to have regained its momentum after an erratic start to the year. Against a backdrop of strong employment gains and softening inflation, retail sales expanded 3.8% in annual terms in May, which contrasted April’s 1.0% decrease and marked the largest increase in nine months.
The upswing in sales was driven by broad-based growth across components. Food purchases increased robustly from the same month of the previous year in May, while home and personal equipment both posted strong gains through the month.
In line with the headline increase, the annual average growth in retail sales inched up to 2.1% in May from 2.0% in April, which had marked the weakest rate of growth in nearly two years.
Author: David Ampudia, Economist