Spain: Retail sales inch down in January
March 13, 2014
In January, retail sales contracted 0.2% over the same month last year, which was a tad down from the revised 0.1% decline tallied in December (previously reported: 0.0% year-on-year). The deterioration mainly reflected falling sales at gas stations. On a working-day adjusted basis, retail sales expanded 0.5% over the same month last year (December: -1.0% year-on-year), which contrasted the 0.8% drop markets had expected. Despite the subdued January reading the trend in Spanish retail sales is pointing upwards. Annual average variation in industrial production stepped up from minus 3.9% in December to minus 3.2% in January, marking the highest level since April 2011. FocusEconomics Consensus Forecast panelists expect private consumption to expand 0.6% in 2014, which is up 0.1 percentage points over last month's projection. The panel sees private consumption growth at 1.0% in 2015.