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Eurostat’s latest estimates indicate a 0.2% decline in retail sales volume within the euro area for July 2023. This causes a huge painting a mixed picture compared to June and forecasts.
Euro Area Retail Trade Volume Decline
In July 2023, the seasonally adjusted retail trade volume in the euro area saw a 0.2% decrease. While the entire European Union experienced a 0.3% drop, contrasting the 0.2% uptick observed in June 2023. These figures are sourced from Eurostat, the European Union’s statistical office. When comparing July 2023 with the same month in 2022, retail sales dipped by 1.0%.
Monthly Retail Sector Breakdown
July 2023 witnessed a 1.2% decline in automotive fuel retail volume in the euro area. However, there was a slight uptick of 0.4% in the categories of food, drinks, and tobacco. As well as a 0.5% growth in non-food products. Simultaneously, the EU experienced a 1.1% reduction in automotive fuel sales, while food, drinks, and tobacco grew by 0.2%. While non-food items witnessed a 0.6% increase. Among Member States, Denmark, and Ireland recorded the steepest monthly decreases at -2.3%. Conversely, Portugal (+1.1%), Sweden (+1.0%), and Cyprus (+0.8%) showed the most significant growth.
Yearly Retail Sector Analysis
When analyzing data from July 2023 against July 2022, the euro area experienced a 3.4% decrease in automotive fuel retail volume. In addition to a 2.2% dip for food, drinks, and tobacco. However, non-food products showed a promising growth rate of 1.1%. For the broader EU, the volume of retail trade declined by 3.9% for automotive fuels and 2.4% for food and beverages, while non-food products improved by 0.7%. Slovenia faced the most considerable yearly volume decrease, plummeting by 16.3%. In contrast, Spain led the growth charge with an impressive 8.6% increase.
Short-Term Forecast
In the current retail trade environment, caution prevails. Mixed results across different sectors, coupled with varying performances among Member States, introduce potential volatility in the near term. Traders and stakeholders are advised to stay informed about evolving trends and regional differences.
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions
