🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Euro zone retail sales return to pre-pandemic levels

Published 2020-08-05, 05:17 a/m
© Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Germany

BRUSSELS (Reuters) - The volume of retail sales in the euro zone rebounded in June to levels recorded in February before lockdowns, official estimates showed on Wednesday, completing a recovery that began in May after record drops in March and April.

Sales in the 19-country currency bloc rose by 5.7% in June from May, according to Eurostat, the European Union's statistics office. Spending on clothing and car fuel drove the gains.

The increase in sales was smaller than the 5.9% forecast by economists polled by Reuters, but that was largely offset by an upward revision of May sales.

Eurostat said on Wednesday the volume of shopping leaped by 20.3% in May for the month, revising its earlier estimate of a 17.8% increase, which was already the steepest increase since euro zone records began in 1999.

The two consecutive increases in sales fully offset the record declines in March and April, when many euro zone countries imposed lockdowns to prevent the spread of the novel coronavirus.

In a further sign that retail sales were back to pre-crisis levels, Eurostat said the shopping volume in June was 1.3% higher than a year earlier, the first annual rise since February. The increase on the year defied market expectations of a 0.5% drop.

Month-on-month, retail sales went up in June by double digits in Ireland, Spain and Italy, but fell again in Germany and Austria after large increases in May.

Sales of textiles, clothing and footwear grew by 20.4% month-on-month in the euro zone, after a record 224.1% jump in May. Consumers also bought more car fuel, computer equipment and books.

Online shopping fell instead in June for the first time this year by 6.8% on the month, as consumers went back to brick-and-mortar stores.

© Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Germany

(This story corrects to remove superfluous words from headline; no change in text.)

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.