Spain: Retail sales remain in negative territory
April 27, 2012
In March, retail sales fell 3.9% over the same month last year, which was down from the 3.6% drop recorded in February. Although the decline was broad-based, the monthly reading mainly reflected a sharp drop in sales of household goods and at service stations. Despite the decline in March, the trend is now improving, with annual average variation in retail sales stepping up from minus 5.7% in February to minus 5.4%, which marked the second consecutive improvement. That said, negative growth in retail sales suggests that private consumption will continue to be a drag on economic activity going forward.