Spain: Retail sales contracts at sharpest pace since January in July
Latest reading: Retail sales fell 0.4% month-on-month in seasonally adjusted terms in July (June: +1.2% mom s.a.). The result marked the worst reading since January. The figure was largely due to a deterioration in large chain stores sales. In addition, single retail stores sales decelerated.
On an annual basis, retail sales rose at a softer pace of 4.7% in July (June: +6.2% yoy). Meanwhile, the trend improved slightly, with the annual average growth of retail sales coming in at 3.5% in July, up from June’s 3.4%.