Retail Sales in the Eurozone Weaker than Expected

The EU’s statistical office said that retail sales volumes in the 19 countries that share the euro fell 1.3% in April, but rose 3.9% from a year earlier.

Retail sales in the eurozone are very weak due to the decline in purchases of food, beverages and tobacco.

According to Eurostat, sales of food, beverages, and tobacco fell by 2.6% compared with the previous month. Non-food products, on the other hand, fell by 0.7%, although online sales increased by 3.4% and sales of fuels by 1.9%.

The decline was clearly evident in Germany, the largest economy in the eurozone, where sales fell by 5.4% during the month. Slovenia and Latvia were also weak. While sales increased in Spain, Luxembourg, Ireland, and Malta.

Compared with the previous year, Slovenia and Malta rose the most, and Finland, Luxembourg and Belgium fell the most.

Meanwhile, the eurozone PMI was 54.8 in May, down from 55.8 in April.

However, an index above 50 is a sign of economic growth.

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