Spain: Retail sales drop at steeper clip in August
Retail sales declined 4.6% compared to the same month a year earlier in August, more sharply than July’s 3.7% dip.
Looking at the details of the release, August’s result was primarily driven by sharper falls in sales at single retail and small chain stores. Meanwhile, purchases at large chain stores picked up pace somewhat compared to July.
On a seasonally- and calendar-adjusted monthly basis, retail sales gained traction, increasing 1.8% in August (July: +1.2% s.a. mom). Lastly, the trend pointed down, with the annual average variation of retail sales coming in at minus 4.9% in August, down from July’s minus 4.3% reading.