Data from Eurostat showed that retail sales fell by 2.7% in December after rising by 1.2% in November (revised from +0.8%). Economists expected sales to decline by 2.5%. In annual terms, retail sales fell by 2.8% after a 2.5% decline in November (revised from -2.8%). Consensus estimates suggested a 2.7% drop in sales. As for the EU countries, retail sales fell by 2.6% on a monthly basis and by 2.5% compared to December 2021.
The data showed that in the eurozone the volume of retail trade decreased by 2.9% for food, drinks and tobacco and by 2.6% for non-food products, while it grew by 2.3% for automotive fuels. In the EU, the volume of retail trade decreased by 2.9% for food, drinks and tobacco and by 2.8% for non-food products, while it grew by 2.3% for automotive fuels.
The annual drop in retail sales in the eurozone was caused by a decline in trade in food, drinks and tobacco products (-6.9%) and non-food products (-0.6%). Meanwhile, sales of motor fuel increased by 6.0%.
As for the EU countries, the largest yearly decreases in the total retail trade volume were registered in Belgium (-9.2%), Denmark (-8.4%) and Sweden (-7.1%). The highest increases were observed in Malta (+5.7%), Romania (+5.3%) and Spain (+4.6%).