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Financial News: Eurozone Retail Sales Recover In May

Eurozone Retail Sales Recover In May

07/06/2020 - 06:02:00 (RTTNews)

(RTTNews) - Eurozone retail sales rebounded at a faster than expected pace in May as member countries began easing the covid-19 containment measures, data from Eurostat showed Monday.

Retail trade volume advanced 17.8 percent on a monthly basis in May, in contrast to a 12.1 percent decline in April. This was also faster than the expected 15 percent increase.

Sales of food, drinks and tobacco gained moderately by 2.2 percent, while non-food product sales surged 34.5 percent in May. Sales of automotive fuel in specialized stores advanced 38.4 percent.

On a yearly basis, retail sales dropped at a slower pace of 5.1 percent, following a sharp 19.6 percent decrease in April. Sales were expected to fall 7.5 percent.

Retail turnover in EU27 grew 16.4 percent on month in May but it fell 4.2 percent on a yearly basis.

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