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Eurozone retail sales rise more than expected in May

By Michele Maatouk

Date: Monday 06 Jul 2020

Eurozone retail sales rise more than expected in May

(Sharecast News) - Eurozone retail sales rose more than expected in May as coronavirus lockdowns across the bloc eased, according to figures released by Eurostat on Monday.
Retail sales were up 17.8% following a 12.1% decline April, beating expectations for a 15% increase and marking the steepest rise since records began in 1999.

Automotive fuel sales rose 38.4%, non-food product sales were 34.5% higher and food, drinks and tobacco sales increased 2.2%.

On the year, retail sales in the currency bloc fell 5.1%, which was an improvement on the 19.6% decline seen in April and better than the 7.5% drop expected.

Automotive fuel sales fell 27.4%, non-food product sales were down 9% and sales of food, drinks and tobacco rose 4.9%.

Capital Economics said that while eurozone retail sales rebounded sharply, spending will still have collapsed in the second quarter as other types of spending remained weak.

"Euro-zone retail sales rose by 17.8% in May, meaning that they regained around two-thirds of the 21% fall between February and April. The breakdown shows that sales of all product groups rose in May," said economist Melanie Debono.

"And today's data release confirmed that while sales remained below February levels in France and Spain, in Germany - which lifted its lockdown earlier - they rose above February levels. So June may well have been a very good month for sales elsewhere."

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