Spain Retail 2017

Spain

Spain: Retail sales plunge in February

March 31, 2017

The effects of higher inflation and meagre wage growth are starting to be felt among Spanish households. Retail sales decreased 3.0% year-on-year in February, a severe deterioration from January’s 0.2% contraction. This marks the weakest reading observed in three and a half years. The decline in sales was broad-based: purchases of food, personal equipment and other goods fell and outstripped the only very minor increase seen in home equipment sales. On a seasonal- and calendar-adjusted basis, retail sales growth in February was flat, a slight improvement from the 0.1% decrease observed in January.

Annual average growth in retail sales dropped to 2.7% in February from 3.5% in January, the lowest result since June 2015.

FocusEconomics Consensus Forecast panelists see private consumption expanding 2.3% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, the panel sees private consumption growing at 2.0%.


Author:, Economist

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Spain Retail Chart


Spain Retail February 2017

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


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