The Strategist

Eurozone retail sales in February grow worse than expected

04/08/2022 - 07:45

The volume of retail sales in the euro area in February rose by 0.3% compared to January, according to a press release from the European statistical agency Eurostat.

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Analysts polled by DailyFX expected growth of 0.6%.

Year-over-year retail sales in the euro area rose 5 percent in February. Analysts expected growth of 4.8%. In the European Union retail sales in February increased 0.3% compared to January, and year-on-year rose by 5.4%.

The agency also revised January's annual figures for the eurozone and EU: annual retail sales growth in January in the eurozone was revised to 8.4% instead of 7.8%, and in the EU to 8.4% from 8.3%.

The largest annualized sales increases in February were in Slovenia (+21.7%), Slovakia (+16.5%) and Portugal (+15.9%). Declines were observed in Austria (-5.9%), Belgium (-5.1%), Cyprus (-2%) and Finland (-2%).

Sales of food and tobacco products in the euro area in annual terms in February decreased by 1.7%, in the EU - by 1.5%. Retail sales of non-food products in annual terms increased in the euro area by 9.3%, in the EU - by 9.6%.