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EUROZONE DATA: Retail Trade M/M In-Line with Consensus

EUROZONE DATA
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Eurozone volume of retail trade growth came in-line with consensus at 0.2% M/M in August (vs 0.0% revised prior). On an annual basis, volumes of retail trade disappointed slightly printing 0.8% Y/Y (vs 1.0% consensus, -0.1% prior).

  • The in-line reading was driven by sequential increases in all 3 subcomponents. In particular, 'Automotive fuel' component rose 1.1% M/M (vs a fall of 0.6% in July) - the highest increase since November 2023.
  • Non-Food Products trade volume also rose by 0.3% M/M (vs a fall of 0.1% in July), as did 'Food, drinks, tobacco' trade by 0.2% M/M (from 0.1% in July).
  • The largest eurozone members all saw monthly increases apart from Italy which saw flat trade volume (for where data is available). French sales rose 0.5% M/M - after three consecutive months of decline, Spain saw 0.4% and the Netherlands rose 0.8%.
  • Note: German data (which account for over 25% weighting for retail sales) for August is unavailable, Eurostat states "The publication of German data is delayed due to the changeover to new data requirements". So there is quite a high probability of future revisions to these data. German retail sales data for August will be published on Thursday this week.

 

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Eurozone volume of retail trade growth came in-line with consensus at 0.2% M/M in August (vs 0.0% revised prior). On an annual basis, volumes of retail trade disappointed slightly printing 0.8% Y/Y (vs 1.0% consensus, -0.1% prior).

  • The in-line reading was driven by sequential increases in all 3 subcomponents. In particular, 'Automotive fuel' component rose 1.1% M/M (vs a fall of 0.6% in July) - the highest increase since November 2023.
  • Non-Food Products trade volume also rose by 0.3% M/M (vs a fall of 0.1% in July), as did 'Food, drinks, tobacco' trade by 0.2% M/M (from 0.1% in July).
  • The largest eurozone members all saw monthly increases apart from Italy which saw flat trade volume (for where data is available). French sales rose 0.5% M/M - after three consecutive months of decline, Spain saw 0.4% and the Netherlands rose 0.8%.
  • Note: German data (which account for over 25% weighting for retail sales) for August is unavailable, Eurostat states "The publication of German data is delayed due to the changeover to new data requirements". So there is quite a high probability of future revisions to these data. German retail sales data for August will be published on Thursday this week.