The volume of retail sales in the eurozone fell by 0.5% month-over-month in February, more than expected, and by 0.4% in the EU. That’s according to the seasonally adjusted first estimates from Eurostat.
Retail sales also dropped in a yearly comparison in both the EU and the eurozone, by 0.2% and 0.7% respectively, continuing a declining trend in the eurozone that has been going on for 17 consecutive months.
All categories of retail spending suffered in February.
In a monthly comparison, trade of food, drinks and tobacco decreased by 0.4%, non-food products by 0.2%, and automotive fuel by 1.4% in the bloc sharing the euro.
In the EU, the dynamic was similar across the categories. Food, drinks and tobacco sales fell by 0.5%, non-food products dropped by 0.1%, while automotive fuel sales shrank by 0.9%.
Among the member states, the largest monthly decrease was recorded in Germany and Belgium, while the highest increases were observed in Poland and Croatia.
In a yearly comparison, Belgium recorded the biggest drop by -6.8% and Croatia showed the sharpest jump by 9.2%.
The slowing European inflation fuelled expectations that spending and consumption would increase, which has so far not proven to be the case.
