Eurozone retail sales short of estimates in July
Retail sales in the Eurozone returned to growth in July but missed estimates, figures released on Thursday showed.
According to Eurostat, retail volumes in the Eurozone rose 0.4% month-on-month in July compared with a downwardly revised fall of 0.2% in the previous month and slightly short of analysts’ estimates of a 0.5% climb.
On an annual basis, retail sales grew 2.7% compared with the upwardly revised 1.7% increase registered in June and higher than the 2% hike analysts’ had expected.
“After last month’s dip in retail sales figures, today’s upbeat data suggests that the Greek crisis has been averted and the EU economy is back on the right path,” said Dennis de Jong, managing director at UFX.com.
“What will be particularly pleasing for ECB President Mario Draghi is that it’s not just Germany propping up the economy, as once troubled Spain shows an upturn in consumer spending.
“However, with volatile global markets, a resurgent euro and low inflation, there remains potential economic threats for Draghi to tackle.”