Euro zone retail sales drop in September for first time in six months

Euro zone retail sales drop in September for first time in six months

Despite anticipations of a slight increase, Euro zone retail sales tumbled for the first time in six months in September, as spending on food and beverages declined strongly during the month.  The European Union’s statistics office Eurostat said retail sales in the 19 nations sharing the euro were 0.1 percent lower in September, yet up 2.9 percent year-on-year.

Financial analysts surveyed by Reuters had expected a 0.2 percent month-to-month increment and a 3.0 percent yearly rise. In August, sales were unaltered month-on-month and up an overhauled 2.2 percent year-on-year. Estimation in the retail industry has risen consistently since June, with perspectives of both present and future sales. In any case, consumer confidence, as measured by the European Commission’s month-to-month economic sentiment survey, has debilitated over that time.

The volume of cheap car fuel, which climbed 1.6 percent in August, was even in September. Sales of food, beverages and tobacco dropped by 0.6 percent after a 0.6 percent surge the earlier month. Non-food sales, except for automotive fuel, ascended by 0.1 percent in September after a 0.5 percent decrease in August.

Retail sales were balanced month-on-month in the euro zone’s biggest economy Germany and declined by 0.4 percent in the second biggest, France. No figures were accessible for Italy, however in Spain sales went up 0.5 percent. In the 28 nations of the European Union, deals were up 0.3 percent in the month and 3.7 percent higher year-on-year.

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