Retail sales fell 0.4% month-on-moth in May following a revised increase of 0.1% in April, data released by the Eurostat showed Friday. Meanwhile, economists had expected a drop of just 0.1%.
Compared to the previous year, sales fell 3.3% in May following a revised 2.5% decline in April and exceeding the expected fall of 2.7%.
Retail sales data, which came a day after the European Central Bank held its key interest rate at a record low of 1% for the second straight month, indicate that demand remain sluggish in the 16-nation economy despite various stimulus measures. In addition, the latest report also showed that the slight increase seen in April was just a slip from the downtrend.
Sales of food, drinks and tobacco rose 0.2% month-on-month and that in the non-food sector decreased 0.6%. Excluding automotive fuel, total retail trade decreased 0.4%.
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