Luxembourg: Retail sales drop at sharpest pace since May 2020 in July
Retail sales dropped 3.6% year on year in July (June: -2.7% yoy). The result marked the worst reading since May 2020. Meanwhile, annual average growth of retail sales was steady coming in at June’s 3.3% in July.
FocusEconomics Consensus Forecast panelists forecast private consumption to grow 3.3% in 2022, which is unchanged from last months forecast. In 2023, they see household spending increasing 2.2%.