🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Euro zone retail sales stable m/m in December

Published 02/03/2010, 05:01 AM
Updated 02/03/2010, 05:03 AM
TRY/EUR
-

BRUSSELS, Feb 3 (Reuters) - Euro zone retail sales were flat in December despite it traditionally being one of the busiest months of the year, figures showed on Wednesday, suggesting consumer demand remains weak and the economic recovery fragile.

On a year-on-year basis, European Union statistics agency Eurostat said retail trade fell 1.6 percent across the 16-country euro area in December.

Economists polled by Reuters had expected a 0.4 percent monthly increase and a 2.5 percent year-on-year fall.

The data suggests consumer demand, normally strong in the Christmas season, is unlikely to have contributed much to an expected recovery in economic growth in the fourth quarter of 2009.

Eurostat revised its November retail trade figure to -0.5 percent month-on-month from a previous -1.2 percent. The annual index was revised to -2.0 percent from -4.0 percent.

Economists say people are likely to keep spending tight because of growing unemployment, which rose to 10 percent in the euro zone workforce in December, the highest rate since August 1998.

GDP growth will likely depend on government spending as tens of billions of euros are pumped into the economy to stimulate demand, and on companies replenishing their inventories.

In a breakdown, Eurostat said euro zone retail sales of food, drinks and tobacco increased 0.3 percent month-on-month in December while non-food products fell 0.2 percent.

Among countries that have reported figures, the biggest monthly increases in sales were in Austria, France, Spain, Slovenia and Slovakia.

In the wider, 27-nation European Union, sales fell 0.1 percent on the month and decreased 1.0 percent year-on-year.

Gloomy figures for the Baltic republics highlighted the depth of their economic crisis. In Estonia, Latvia and Lithuania, sales fell 16.4 percent, 30.2 percent and 27.2 percent respectively on a year-on-year basis. (Reporting by Marcin Grajewski)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.