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Figures show fall in European retail sales

Figures show fall in European retail sales
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Retail sales in the Eurozone fell by more than expected during May, new statistics have revealed.

Figures from Eurostat have shown a 0.4 per cent month-on-month fall occurred during the month, a decrease on the 0.1 per cent rise that was seen in April.

Sales were down 3.3 per cent on a year-on-year basis, greater than the 2.7 per cent that was expected by analysts, according to Reuters.

"There was further confirmation today, if any were needed, that domestic demand is not set to ride to the rescue of the euro area economy any time soon," economist Colin Ellis of Daiwa Securities said.

Nick Kounis of Fortis described the figures as "surprising", noting that the data does not take into account car sales, which have been strong in recent weeks.

Statistics released last month by BDO Stoy Hayward showed that like-for-like retail sales in the UK dropped 1.5 per cent during May.ADNFCR-1681-ID-19249900-ADNFCR