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EUROZONE DATA: Retail Trade Disappoints, Weakness Driven by Automotive Fuel Sale

EUROZONE DATA
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Eurozone volume of retail trade growth came in a touch below expectations at 0.1% M/M in July (vs 0.2% consensus) after a downward revised -0.4% M/M in June (-0.3% initially). On an annual basis, volumes of retail trade also disappointed at -0.1% Y/Y (vs 0.2% consensus, -0.4% prior ) - a second consecutive negative print.

  • The soft reading was driven by a large fall in 'Automotive fuel' component which fell 1.0% M/M (vs -0.6% prior) - the largest fall since February 2024.
  • This was followed by a marginal rise in Non-food products (ex-fuel) rising 0.1% M/M (vs -0.2% prior)
  • Meanwhile, the 'Food, drinks, tobacco' component rose 0.4% M/M (following a fall of 0.7% in June).
  • The larger eurozone members all saw monthly increases, at least for where data is available. France sales rose 0.1% M/M (vs -0.6% prior), Spain saw 0.5% (vs 0.4% prior) and the Netherlands bounced with 1.2% M/M (after a significant fall of 1.6% in June).
  • Note: Italy and Germany data (which account for over 40% weighting for retail sales) for July is unavailable, Eurostat states "The publication of German data is delayed due to the changeover to new data requirements".
 



 

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Eurozone volume of retail trade growth came in a touch below expectations at 0.1% M/M in July (vs 0.2% consensus) after a downward revised -0.4% M/M in June (-0.3% initially). On an annual basis, volumes of retail trade also disappointed at -0.1% Y/Y (vs 0.2% consensus, -0.4% prior ) - a second consecutive negative print.

  • The soft reading was driven by a large fall in 'Automotive fuel' component which fell 1.0% M/M (vs -0.6% prior) - the largest fall since February 2024.
  • This was followed by a marginal rise in Non-food products (ex-fuel) rising 0.1% M/M (vs -0.2% prior)
  • Meanwhile, the 'Food, drinks, tobacco' component rose 0.4% M/M (following a fall of 0.7% in June).
  • The larger eurozone members all saw monthly increases, at least for where data is available. France sales rose 0.1% M/M (vs -0.6% prior), Spain saw 0.5% (vs 0.4% prior) and the Netherlands bounced with 1.2% M/M (after a significant fall of 1.6% in June).
  • Note: Italy and Germany data (which account for over 40% weighting for retail sales) for July is unavailable, Eurostat states "The publication of German data is delayed due to the changeover to new data requirements".