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Retail

Euro Zone Retail Sales Far Stronger Than Anticipated In August

By square1
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Euro Zone Retail Sales Far Stronger Than Anticipated In August

Retail sales in the euro zone rose much more than expected in August according to the latest figures.

The good performance was helped by increased demand for fuel, clothes and computers. However, there was a drop in the sales of food, drinks and tobacco.

Retail sales were revised up for July as well, in a fresh sign that households could help sustain the bloc's nascent recovery.

The volume of retail trade in the 17-nation bloc jumped 0.7% on the month, following a revised 0.5% increase in July, the EU's statistics office Eurostat said today.

Economists polled by Reuters expected a 0.2% rise in August and the previously reported July rise was 0.1%.

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The monthly rise in August, the peak of the holiday season, was driven by a 0.9% jump in sales of car fuels and a 0.6% in non-food products, while sales of food, drinks and tobacco fell by 0.4% after a 1.2% increase in July.

The year-on-year reading showed a much smaller-than-expected 0.3 percent drop for August, following an also downwardly revised 0.7% fall in July. Economists polled by Reuters saw a 1.5% decline.

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