Eurozone retail sales dropped 0.7% month-on-month in May, according to Eurostat, following April's upwardly revised 0.3% growth rate, in line with market expectations.
Source: Sharecast
May's decline was partly attributed to a decrease in food store sales volumes, with April's strong sales driven by good weather across the Continent.
Declines were seen in food, drinks and tobacco sales, non-food product sales, and automotive fuel sales.
However, while the Eurozone as a whole reported a drop in retails sales, certain countries reported improved retail sales for the period, with Poland, Slovakia, and Sweden seeing the highest monthly increases in retail sales volume in May. Going the other way, Germany, Malta, and the Netherlands posted the largest declines.
On an annualised basis, Eurozone retail sales were up 1.8% year-on-year.
Reporting by Iain Gilbert at Sharecast.com
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