Spain: Retail sales growth moderates in May
Retail sales increased 2.8% year on year in May (April: +3.3% yoy). Looking at the details of the release, large chain stores sales returned to growth in May, and single retail stores sales decreased at a more moderate pace.
On a monthly basis, retail sales recorded zero growth in seasonally-adjusted terms in May, which was significantly below April’s 5.4% expansion. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at an over one-year low of 0.6%, down from April’s 1.6% reading.