Spain: Retail sales shrink for first time in two years in January
March 10, 2017
Retail sales decreased 0.1% year-on-year in January, a downswing from December’s 0.9% increase. January marked the worst month for retail sales in two and a half years. Sales growth across sub-components was mixed: while food, personal and home equipment sales grew, sales in other goods fell and dragged on the overall outcome. On a seasonal- and calendar-adjusted basis, retail sales in January declined a more pronounced 1.3% compared to the same month in 2016, which contrasted December’s revised figure of 2.8% (previously reported: +2.9% year-on-year).
Annual average growth in retail sales dropped to 3.5% in January from 3.7% in December, the lowest result in a year.
Author: David Ampudia, Economist