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Financial News: Eurozone Retail Sales Fall Unexpectedly In July

Eurozone Retail Sales Fall Unexpectedly In July

09/03/2020 - 05:41:00 (RTTNews)

(RTTNews) - Eurozone retail sales fell unexpectedly in July on weak non-food products turnover, data from Eurostat showed Thursday.

Retail sales declined 1.3 percent on month, following a 5.3 percent rise in June. This was the first drop in three months and confounded expectations for an increase of 1.5 percent.

Sales of food, drinks and tobacco remained flat, while non-food product sales decreased 2.9 percent in July. At the same time, sales of automotive fuel in specialized stores advanced 4.3 percent.

On a yearly basis, growth in retail sales slowed to 0.4 percent from 1.3 percent in June. Economists had forecast an annual growth of 3.5 percent.

In the EU27, retail sales dropped 0.8 percent on month but grew 0.7 percent on a yearly basis in July.

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