Luxembourg: Retail sales contract at sharpest rate in 18 months in December
On a non-seasonally adjusted basis, retail sales dropped 3.1% year on year in December (November: +2.2% yoy). December’s outturn marked the worst reading since June 2022. On a seasonally adjusted monthly basis, retail sales fell at a sharper rate of 3.1% in December (November: -1.6% mom), the worst result since November 2020. Meanwhile, the trend pointed down, with annual average growth in retail sales coming in at 3.8% in December, down from November’s 4.6%.