Spain: Retail sales plunge less severely in May as businesses reopen
June 26, 2020
Retail sales plummeted 20.2% compared to the same month a year earlier in May, which was a less pronounced drop than April's 31.5% record-breaking decline.
The improvement reflected the reopening of some businesses as the government started to ease confinement measures. Looking at the details of the release, the contraction in sales was less severe across all types of stores compared to April, with large chain stores logging the softest fall.
On a monthly, seasonally-and-working-day adjusted basis, retail sales surged 19.3% in May (April: -20.1% mom). Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 3.2% in May, down from April's minus 1.3% reading.
Author: Javier Colato, Economist