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Retail Trade Growth Rebounds In March

EUROZONE DATA
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Eurozone retail trade growth was marginally above consensus at +0.8% M/M in March (vs +0.7% consensus, -0.3% revised prior - all figures are real and calendar/seasonally adjusted), reflecting a strong rebound from a weak February. On an annual basis, volumes rose 0.7% Y/Y (vs +0.2% consensus, -0.5% revised prior) - the first positive reading since September 2022.

  • Both 'food, drinks, tobacco' (+1.2% M/M - the highest level since June 2021) and fuel (+2.0% vs -0.9% prior) contributed to M/M gains after declines in February.
  • Meanwhile, 'non-food products' recorded no change M/M (vs +0.3% prior).
  • Of the major eurozone members, Germany saw a 1.8% M/M increase in retail trade (with the sharp rise reflecting a rebound from a very weak -1.6% in February), France recorded its third consecutive month of growth at +1.1%, while Belgium saw a rise of 0.5% after three consecutive months of decline.
  • Meanwhile, Spanish retail trade experienced a fall of 0.6% M/M , and similarly the Netherlands fell 0.4% M/M.


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Eurozone retail trade growth was marginally above consensus at +0.8% M/M in March (vs +0.7% consensus, -0.3% revised prior - all figures are real and calendar/seasonally adjusted), reflecting a strong rebound from a weak February. On an annual basis, volumes rose 0.7% Y/Y (vs +0.2% consensus, -0.5% revised prior) - the first positive reading since September 2022.

  • Both 'food, drinks, tobacco' (+1.2% M/M - the highest level since June 2021) and fuel (+2.0% vs -0.9% prior) contributed to M/M gains after declines in February.
  • Meanwhile, 'non-food products' recorded no change M/M (vs +0.3% prior).
  • Of the major eurozone members, Germany saw a 1.8% M/M increase in retail trade (with the sharp rise reflecting a rebound from a very weak -1.6% in February), France recorded its third consecutive month of growth at +1.1%, while Belgium saw a rise of 0.5% after three consecutive months of decline.
  • Meanwhile, Spanish retail trade experienced a fall of 0.6% M/M , and similarly the Netherlands fell 0.4% M/M.