Spain: Retail sales record largest expansion in more than three years
October 29, 2013
In September, retail sales rose 2.2% over the same month last year. The print contrasted the 4.4% fall tallied in August (previously reported: -4.2% year-on-year) and marks the largest expansion since March 2010. The improvement was broad-based; all sub-categories of the index recorded positive readings, with household equipment registering the largest increase. On a working-day adjusted basis, retail sales also expanded 2.2% over the same month last year (August: -4.5% yoy).
Annual average variation in retail sales improved from minus 7.7% in August to minus 6.5% in September, marking the highest level in nearly a year.
FocusEconomics panelists expect private consumption to decline 2.6% in 2013, which is unchanged over last month's projection. The panel sees private consumption growth at 0.1 in 2014, which is up 0.1 percentage points over the previous month's estimate.