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Financial News: Spain Retail Sales Growth Slows In June

Spain Retail Sales Growth Slows In June

07/28/2022 - 09:05:00 (RTTNews)

(RTTNews) - Spanish retail sales growth slowed further in June, driven by a slump in sales of household equipment, preliminary data from the statistical office INE showed Thursday.

Retail sales grew a seasonally and calendar adjusted 1.0 percent year-on-year following a 1.3 percent increase in May. Economists had forecast 1.3 percent growth.

Sales of food decreased 0.5 percent and sales of non-food products dropped 2.0 percent. The latter was led by a 3.4 percent fall in sales of household equipment.

Personal equipment sales rose 12.8 percent, while sales of other goods decreased 1.1 percent.

Without adjustments, the original retail sales index rose 0.2 percent annually in June after a 2.8 percent gain in the previous month.

Compared to the previous month, retail sales decreased 0.1 percent in June, repeating May's outcome. Sales fell for a second month in a row.

Excluding service stations, sales dropped 0.4 percent from the previous month. Sales of food increased 1.9 percent, while those of non-food products decreased 1.1 percent, again led by a slump in demand for personal equipment.

The retail sector employment grew 2.4 percent annually in June, which was faster than May's pace. Employment rose 3.7 percent in service stations.

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