Financial News: Eurozone Retail Sales Rise Marginally In July

Eurozone Retail Sales Rise Marginally In July

09/05/2024 - 08:06:00 (RTTNews)

(RTTNews) - Eurozone retail sales grew only marginally in July, suggesting subdued support from household consumption to economic growth.

Retail sales posted a monthly growth of 0.1 percent in July, reversing a 0.4 percent fall in June, data published by Eurostat showed on Thursday. The decline reflects a 1.0 percent drop in automotive fuel sales. Food, drinks and tobacco sales rebounded 0.4 percent and non-food product sales edged up 0.1 percent.

On a yearly basis, retail sales were down unexpectedly by 0.1 percent but slower than June's 0.4 percent decrease. Sales were forecast to grow 0.1 percent.

The economy isn't showing signs of further acceleration after a surprisingly strong first half year, ING economist Bert Colijn said.

The moderate 0.1 percent rise in retail sales suggests a significant boost in third quarter economic activity is unlikely, the economist added.

"Looking ahead, we suspect that overall household consumption will increase in the coming quarters on the back of rising real incomes and lower interest rates," said Capital Economics' economist Elias Hilmer.

The economist said despite surveys pointing to an improvement in consumer confidence, households are still saving an unusually high proportion of their incomes, perhaps reflecting pessimism about economic prospects for the region.

Official data showed that the EU27 retail trade volume grew 0.2 percent on month taking the annual growth to 0.4 percent in July.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Denmark Trade Surplus Rises In July (17 min(s), 25 sec(s) ago)
(RTTNews) - Denmark's foreign trade surplus increased in July as exports rose amid a fall in i ...Full Story»

Eurozone Sentix Investor Confidence Deteriorates On German Chaos (42 min(s), 25 sec(s) ago)
(RTTNews) - Euro area investor sentiment weakened further in September as the single currency bloc ...Full Story»

Taiwan Trade Surplus Grows Sharply On Export Surge (50 min(s), 25 sec(s) ago)
(RTTNews) - Taiwan's foreign trade surplus increased notably in August as exports grew faster ...Full Story»

UK Labor Market Conditions Soften In August: KPMG/REC Report (02 hr(s), 11 min(s), 25 sec(s) ago)
(RTTNews) - The UK labor market conditions softened in August as permanent job placements declined ...Full Story»

Czech Jobless Rate Stable At 3.8% (03 hr(s), 07 min(s), 25 sec(s) ago)
(RTTNews) - The Czech Republic's unemployment rate held steady in August, figures from the lab ...Full Story»

Romanian Trade Gap Widens In July (03 hr(s), 40 min(s), 25 sec(s) ago)
(RTTNews) - Romania's foreign trade deficit increased in July from a year ago as imports grew ...Full Story»

Lithuanian Inflation Slows To 0.7% (04 hr(s), 23 min(s), 25 sec(s) ago)
(RTTNews) - Lithuania's consumer price inflation eased in August largely amid cheaper costs fo ...Full Story»

Dutch Household Spending Rebounds Strongly In July (04 hr(s), 42 min(s), 25 sec(s) ago)
(RTTNews) - Dutch household spending increased at the fastest pace in nine months in July after fa ...Full Story»