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Eurozone Retail Sales Fall More Than Forecast
(RTTNews) - Eurozone retail sales fell more than expected in June as both food and non-food products turnover decreased from the prior month, official data revealed Tuesday.
Retail sales decreased 0.3 percent month-on-month in June, in contrast to the 0.1 percent rise in May, Eurostat said. Economists had forecast a marginal 0.1 percent drop for June.
Food, drinks and tobacco sales dropped 0.7 percent after a 1.0 percent rise. At the same time, the decrease in non-food products turnover slowed to 0.1 percent from 0.3 percent.
Automotive fuel in specialized stores posted a faster growth of 0.5 percent following a 0.3 percent increase.
Retail turnover, on a yearly basis, also decreased 0.3 percent in June. This was the first fall in four months. Sales were expected to grow 0.1 percent after rising 0.5 percent in May. Capital Economics' economist Adrian Prettejohn said retail sales will gradually rise over the remainder of the year on the back of strong real household income growth and falling interest rates.
In the EU27, retail trade volume edged down 0.1 percent on month, while it grew 0.1 percent from a year ago.
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