Spain Retail May 2020

Spain

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.

FocusEconomics Consensus Forecast panelists see private consumption falling 11.3% in 2020, which is down 0.8 percentage points from last month’s forecast, and expanding 6.4% in 2021.


Author:, Economist

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Spain Retail May 20 20

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


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