Financial News: Eurozone Retail Sales Decline Moderates

Eurozone Retail Sales Decline Moderates

11/08/2023 - 07:06:00 (RTTNews)

(RTTNews) - Euro area retail sales slump slowed in September as the deeper fall in the non-food segment was partially offset by the rebound in food sales, but the data cast doubt over the ability of household spending to contribute to economic output.

Retail trade dropped 0.3 percent month-on-month in September, which was slower than August's revised 0.7 percent decline, figures from Eurostat showed Wednesday.

Sales were expected to ease 0.2 percent. Retail turnover has declined in each and every month of the third quarter.

The year-on-year decline in retail sales worsened to 2.9 percent from 1.8 percent. Sales were forecast to fall more sharply by 3.1 percent.

Capital Economics economist Pollyanna Hall said sales are set to remain weak in the coming months as the economy falls into a recession.

The 20-nation single currency bloc had contracted 0.1 percent in the third quarter, partially reversing the 0.2 percent expansion in the second quarter.

Food, drinks and tobacco sales rebounded 1.4 percent, reversing a 0.4 percent drop. By contrast, non-food product sales declined at a faster pace of 1.9 percent after a 0.6 percent fall.

Mail orders and internet sales posted a monthly decrease of 1.9 percent after falling 2.0 percent in the previous month.

Sales of automotive fuel in specialized stores were down 0.9 percent, slower than the 2.4 percent fall in the prior month.

Data showed that retail sales in the EU27 slid 0.2 percent on month taking the annual fall to 2.7 percent in September. Among member states of EU27, the largest monthly decreases in the total retail trade volume were registered in Slovakia, Sweden, Germany and the Netherlands.

Meanwhile, Slovenia, Poland and Denmark posted the highest increases in retail sales.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Fed Chair Jerome Powell Calls Rate Cut Speculation 'Premature' (03 min(s), 21 sec(s) ago)
(RTTNews) - While forecasts suggest the U.S. central bank could start cutting interest rates as so ...Full Story»

U.S. Construction Spending Climbs More Than Expected In October (11 min(s), 21 sec(s) ago)
(RTTNews) - Construction spending in the U.S. rose by more than expected in the month of October, ...Full Story»

U.S. Manufacturing Index Indicates Continued Contraction In November (21 sec(s) ago)
(RTTNews) - The Institute for Supply Management released a report on Friday showing a continued co ...Full Story»

UK Manufacturing Downturn Eases In November (10 min(s), 21 sec(s) ago)
(RTTNews) - The downturn in British manufacturing activity softened in November as output and new ...Full Story»

Irish Economy Shrinks 1.9% In Q3, More Than Estimated (38 min(s), 21 sec(s) ago)
(RTTNews) - Ireland's economy contracted slightly more than initially estimated in the third ...Full Story»

Eurozone Factory Sector Downturn Slows (07 min(s), 21 sec(s) ago)
(RTTNews) - Euro area manufacturing sector remained in the contraction zone but deterioration in p ...Full Story»

Swiss Economy Recovers In Q3 (01 hr(s), 03 min(s), 39 sec(s) ago)
(RTTNews) - Switzerland's economy rebounded in the third quarter underpinned by exports and co ...Full Story»

Irish Manufacturing Activity Stabilizes In November (02 hr(s), 24 min(s), 39 sec(s) ago)
(RTTNews) - Ireland's manufacturing activity signaled a stabilization in November amid rises i ...Full Story»