Spain: Retail sales growth regains some traction in August
September 28, 2017
Retail sales grew 1.7% in annual terms in August following a revised 1.0% increase in July (previously reported: +0.7% year-on-year). The print reflected a broad-based increase in sales through the month. Food purchases growth accelerated from the previous month, while growth in both household and personal equipment sales came in at faster clips. Meanwhile, on a seasonally- and calendar-adjusted basis, retail sales swung from a 0.4% drop in July—the largest decrease in two years—to a 0.3% increase in August.
The August sales report points to some degree of resilience in spending among Spanish households, but the overall trend of decelerating household consumption in Q3 remains unchanged and was further confirmed this month. In line with this, annual average growth in retail sales eased from 1.7% in July to 1.4% in August, which marks the weakest rate of growth since January 2015.
Author: David Ampudia, Economist