Eurozone Retail Sales Recover In June
(RTTNews) - Euro area retail sales rebounded in June suggesting that household spending likely supported economic growth in the second quarter, official data revealed on Wednesday.
Retail sales grew 0.3 percent on a monthly basis in June, offsetting May's 0.3 percent decline, Eurostat said. However, this was marginally weaker than economists' forecast for a 0.4 percent increase.
Food, drink and tobacco sales rose 0.2 percent and non-food product sales gained 0.6 percent. Sales of automotive fuel in specialized stores grew 0.4 percent from a month ago. On a yearly basis, Eurozone retail sales growth accelerated to 3.1 percent from 1.9 percent in May. Economists were expecting an annual growth of 2.6 percent.
ING economist Peter Vanden Houte said stronger retail sales rebound signals resilient consumer demand.
"With external headwinds such as tariffs and a stronger euro likely to weigh on exports, domestic demand is becoming increasingly vital for sustaining growth," the economist added.
Retail sales in the EU27 also grew 0.3 percent on a monthly basis in June and 3.1 percent from the previous year.
Among member states, the biggest monthly increases in trade volume were recorded in Croatia, Sweden and Malta. Meanwhile, the worst decreases were observed in France, Poland, Slovenia and Denmark.
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