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Retail Trade Disappoints In April

EUROZONE DATA
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Eurozone volume of retail trade growth came in slightly below consensus at -0.5% M/M in April (vs -0.3% consensus, +0.7% prior revised from +0.8%). On an annual basis, volumes of retail trade were again below consensus at unchanged levels (0.0% Y/Y vs +0.2% consensus, +0.7% prior) - following the first positive reading since September 2022 in March.

  • The disappointment was driven by all subcomponents seeing decreased volumes of retail trade. In particular, Automotive fuel declined 2.2% M/M (vs an increase of +1.0% in March), 'Food, drinks, tobacco' fell 0.5% M/M (after rising +1.0% in March), whilst Non-food products (ex-fuel) saw their second consecutive monthly drop of -0.1% M/M.
  • Of the major eurozone members, Germany saw a fall of 1.2% M/M in retail trade (from a strong March reading of +2.7%), France printed a fall of 0.4% - the second consecutive monthly fall, Belgium saw retail trade fall 0.5%, the Netherlands printed -1.0% and Italy saw a slight drop of 0.2%.
  • Meanwhile, Spain volume of retail trade rose +0.8% M/M, after experiencing a 0.5% reduction in March.


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Eurozone volume of retail trade growth came in slightly below consensus at -0.5% M/M in April (vs -0.3% consensus, +0.7% prior revised from +0.8%). On an annual basis, volumes of retail trade were again below consensus at unchanged levels (0.0% Y/Y vs +0.2% consensus, +0.7% prior) - following the first positive reading since September 2022 in March.

  • The disappointment was driven by all subcomponents seeing decreased volumes of retail trade. In particular, Automotive fuel declined 2.2% M/M (vs an increase of +1.0% in March), 'Food, drinks, tobacco' fell 0.5% M/M (after rising +1.0% in March), whilst Non-food products (ex-fuel) saw their second consecutive monthly drop of -0.1% M/M.
  • Of the major eurozone members, Germany saw a fall of 1.2% M/M in retail trade (from a strong March reading of +2.7%), France printed a fall of 0.4% - the second consecutive monthly fall, Belgium saw retail trade fall 0.5%, the Netherlands printed -1.0% and Italy saw a slight drop of 0.2%.
  • Meanwhile, Spain volume of retail trade rose +0.8% M/M, after experiencing a 0.5% reduction in March.