Spain: Retail sales jump in August
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end. Growth in retail sales was especially strong in those regions where tourist numbers were the highest. The reading was markedly above July’s revised 3.4% increase (previously reported: 3.1% year-on-year) and came largely on the back of increasing sales in goods. On a seasonal- and calendar-adjusted basis, retail sales in August expanded 3.4% over the same month of the previous year, which was well below July’s 4.9% rise.
As growth picked up steam, so did the trend, which resumed its positive course in August following July’s halt. As such, annual average growth in retail sales inched up from 4.3% in July to 4.4% in August, the highest reading on record.
Author: David Ampudia, Economist