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Financial News: Eurozone Retail Sales Fall More Than Expected

Eurozone Retail Sales Fall More Than Expected

05/06/2020 - 06:54:00 (RTTNews)

(RTTNews) - Eurozone retail sales declined more than expected in March as coronavirus containment measures hurt consumption of non-essential goods, data from Eurostat showed Wednesday.

Retail sales logged a double-digit decline of 11.2 percent on a monthly basis in March, reversing a 0.6 percent rise in February. Economists had forecast a monthly fall of 10.5 percent. Sales of food, drinks and tobacco advanced 5 percent, while non-food product sales declined sharply by 23.1. Sales of automotive fuel in specialized stores plunged 20.8 percent.

On a yearly basis, retail sales volume dropped 9.2 percent, in contrast to February's 2.5 percent increase. Sales were forecast to fall 8 percent.

In EU27, retail sales fell 10.4 percent on month and decreased 8.2 percent annually in March.

Among member states, the largest annual decreases in sales volume were registered in France, Slovenia and Bulgaria. Meanwhile, the highest increases were observed in Hungary, Romania and Ireland.

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