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Financial News: Spain Retail Sales Growth Eases To 3.1%

Spain Retail Sales Growth Eases To 3.1%

01/31/2024 - 07:29:00 (RTTNews)

(RTTNews) - Spain's retail sales continued to expand in December, though at the slowest pace in fourteen months, data released by the statistical office INE showed on Wednesday.

Retail sales grew 3.1 percent on a yearly basis in December, weaker than the 5.0 percent increase in the previous month. Sales have been rising since December 2022.

On an unadjusted basis, retail sales growth moderated to 3.4 percent from 5.9 percent a month ago.

The overall growth was driven by a 9.3 percent surge in non-food product sales. Food store sales gained only 1.2 percent. Data showed that sales at service stations plunged 16.0 percent from last year.

Month-on-month, retail sales logged a decline of 0.7 percent, reversing a 0.8 percent rebound in November.

During the whole year 2023, overall retail sales rose an adjusted 6.0 percent compared to 2022.

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