Spain: Retail sales rebound in March
April 28, 2017
A strong rebound in retail sales in March highlights the underlying strength of the Spanish domestic economy even as households start to feel the pinch of higher inflation and subdued wage growth. Retail sales rose 2.6% in March, the highest reading in four months and an outstanding rebound from February’s 2.8% plunge.
The upswing in sales was broad-based, with purchases of food, home and personal equipment all recording robust expansions. On a seasonal- and calendar-adjusted basis, retail sales expanded 0.8% in March, a noteworthy improvement from the flat reading seen in February.
Despite the pickup in March, the annual average growth in retail sales dropped to 2.6% from 2.7% in February, the lowest result since June 2015.
Author: David Ampudia, Economist