Retail sales in the 19 European countries that use the euro came in far weaker than expected in December, the same month that saw inflation in the region spike to a record high, with the biggest retail sales drops concentrated in countries with the strictest COVID-19 measures. Eurostat, the European Union’s statistical agency, reported Friday that retail sales declined by 3 percent month-over-month in December, with consensus forecasts expecting a far more modest decline of 0.5 percent. On an annual basis, euro area retail sales rose 2 percent, versus projections for a 5.1 percent gain. “Ugly, and services spending certainly slumped further,” said Senior Europe Economist at Pantheon Macroeconomics, Melanie Debono, in a tweet commenting on the downside surprise in the retail sales numbers. While the declines were noted across the board, euro area countries with the most stringent COVID-19 measures saw the sharpest drops. “The decline in retail sales does …
RSS Feed | The Epoch Times