Eurozone Posts 0.5 Percent Drop in July Retail Sales
(MENAFN) Retail sales in the euro area dropped by 0.5% in July compared to the previous month, exceeding market expectations, according to official data released by Eurostat on Thursday.
In the broader EU, retail sales also declined by 0.4% in July. Analysts had predicted a smaller drop of 0.3% for the euro area during the month.
The sharpest decline in the euro area occurred in the sale of automotive fuel in specialized stores, which fell by 1.7% month-on-month. Additionally, food, drinks, and tobacco sales saw a 1.1% decrease in July.
However, non-food sales (excluding automotive fuel) managed a modest 0.2% increase during the same period.
Looking at individual EU nations, Croatia recorded the steepest drop, with sales falling by 4%, followed by Estonia (-2%) and Germany (-1.5%). On the positive side, Lithuania saw the largest monthly gain at 1.5%, while Latvia and the Netherlands experienced increases of 1.4% and 1.1%, respectively.
Year-on-year, retail sales grew by 2.2% in the euro area and 2.4% in the EU, though both figures came in below market forecasts.
It’s important to note that the euro area refers to the 20 countries that use the euro, while the EU27 includes all member nations of the European Union.
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