Spain: Retail sales post quickest growth since May in November
Retail sales expanded 5.9% compared to the same month of the previous year in November, which contrasted October’s 2.5% decrease. November’s reading marked the best result since May. Looking at the details of the release, November’s pick up was broad-based, with the large chain stores, single retail stores and small chain stores sub-sectors all gaining steam.
On a seasonally- and calendar-adjusted monthly basis, retail sales rose 5.1% in November (October: -0.1% mom), the best result since June 2020. Meanwhile, annual average retail sales growth rose to 3.5% in November (October: +2.4%), signaling an improving trend in the retail trade sector.