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Retail Trade Disappoints, Y/Y Lowest Since Feb-24

EUROZONE DATA
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Eurozone volume of retail trade growth came below expectations at -0.3% M/M in June (vs -0.1% consensus, 0.1% prior) - the weakest since December 2023. On an annual basis, volumes of retail trade also disappointed at -0.3% Y/Y (vs 0.1% consensus, +0.5% prior revised from 0.3%) - returning the annual print to a negative reading for the first time since February 2024.

  • The decline was driven by a large fall in 'food, drinks, tobacco' volume of retail trade which printed a fall of 0.7% M/M (vs an increase of 1.0% last month). This was followed by a 0.1% fall in 'Non-food products (except automotive fuel)' volumes after -0.3% in May.
  • In contrast, the 'Automotive fuel' subcomponent rose for the second consecutive month by 0.5% M/M (vs 0.3% prior).
  • Looking at overall retail volumes across major eurozone members, the Netherlands led the decline (-1.4% M/M), followed by France (-0.2%, second consecutive decline of the same amount) and Italy (-0.1%).
  • Spain meanwhile printed an increase of 0.3% M/M after -0.5% in May, whilst on Germany data, 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 below expectations at -0.3% M/M in June (vs -0.1% consensus, 0.1% prior) - the weakest since December 2023. On an annual basis, volumes of retail trade also disappointed at -0.3% Y/Y (vs 0.1% consensus, +0.5% prior revised from 0.3%) - returning the annual print to a negative reading for the first time since February 2024.

  • The decline was driven by a large fall in 'food, drinks, tobacco' volume of retail trade which printed a fall of 0.7% M/M (vs an increase of 1.0% last month). This was followed by a 0.1% fall in 'Non-food products (except automotive fuel)' volumes after -0.3% in May.
  • In contrast, the 'Automotive fuel' subcomponent rose for the second consecutive month by 0.5% M/M (vs 0.3% prior).
  • Looking at overall retail volumes across major eurozone members, the Netherlands led the decline (-1.4% M/M), followed by France (-0.2%, second consecutive decline of the same amount) and Italy (-0.1%).
  • Spain meanwhile printed an increase of 0.3% M/M after -0.5% in May, whilst on Germany data, Eurostat states "The publication of German data is delayed due to the changeover to new data requirements".