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Subdued Real Retail Sales Consistent With Q1 GDP Details

ITALY DATA
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Italian real retail sales were subdued again in March, printing at -0.1% M/M SA (vs 0.2% prior) and 0.3% Y/Y NSA (vs 0.5% prior).

  • On a 3m/3m SA basis, real retail sales fell 0.4%, the 20th consecutive negative print.
  • Overall, the data is consistent with the Q1 GDP flash estimate, where domestic demand contributed negatively to the 0.3% Q/Q print (even though GDP overall was stronger than expected).
  • Retail sentiment in the EC and ISTAT surveys were above neutral levels in April, but both prints were below the respective 12-month averages.
  • Looking at the sub-components, both food and non-food retail sales fell on a 3m/3m basis in March, the former more substantially at -0.7% 3m/3m.
  • Nominal sales also softened in March, at 0.0% M/M SA (vs 0.1% prior) and 2.0% Y/Y NSA (vs 2.4% prior).

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Italian real retail sales were subdued again in March, printing at -0.1% M/M SA (vs 0.2% prior) and 0.3% Y/Y NSA (vs 0.5% prior).

  • On a 3m/3m SA basis, real retail sales fell 0.4%, the 20th consecutive negative print.
  • Overall, the data is consistent with the Q1 GDP flash estimate, where domestic demand contributed negatively to the 0.3% Q/Q print (even though GDP overall was stronger than expected).
  • Retail sentiment in the EC and ISTAT surveys were above neutral levels in April, but both prints were below the respective 12-month averages.
  • Looking at the sub-components, both food and non-food retail sales fell on a 3m/3m basis in March, the former more substantially at -0.7% 3m/3m.
  • Nominal sales also softened in March, at 0.0% M/M SA (vs 0.1% prior) and 2.0% Y/Y NSA (vs 2.4% prior).