Financial News: Eurozone Retail Sales Log Marginal Growth In August

Eurozone Retail Sales Log Marginal Growth In August

(RTTNews) - Eurozone retail sales modestly increased in August as the growth in demand for food and automotive fuel were partially offset by the fall in non-food product sales.

Retail sales edged up 0.1 percent on a monthly basis in August, in contrast to the 0.4 percent decline in July, Eurostat reported Monday.

The growth was driven by a 0.3 percent increase in sales of food, drinks, and tobacco, as well as a 0.4 percent rise in automotive fuel sales. However, these gains were partially offset by a 0.1 percent decline in non-food product sales.

On an annual basis, growth in retail sales more than halved to 1 percent from 2.1 percent in July.

ING economist Bert Colijn noted that the third quarter is also likely to see muted consumer spending.

Despite being concerned about the general economic situation and more worried about possible increases in unemployment, the latest survey showed a rebound in consumer confidence, indicating that they plan to make a major purchase in the coming year, the economist said.

However, Colijn does not expect a strong increase in spending during the third quarter.

In the EU, retail sales remained flat on a monthly basis and increased 1.1 percent in August from a year ago.

Among member states of the EU, the biggest monthly increases in the total retail trade volume were recorded in Lithuania, Cyprus and Malta. By contrast, Romania, Poland and Luxembourg registered the worst declines.

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