Eurozone retail sales contract in February

ANKARA

Euro area retail sales decreased 0.8% month-on-month in February as persistent inflation, rising borrowing costs and recession fears dented consumer spending, according to latest data released on Tuesday.

The figure shifted from an upwardly revised 0.8% growth in January, meeting market forecast.

"In the euro area in February, compared with January, the volume of retail trade decreased by 1.8% for automotive fuels, by 0.7% for non-food products and by 0.6% for food, drinks and tobacco," read a statement by Eurostat, the EU’s statistical office.

On an annual basis, retail sales in the euro area dove 3% in February.

The eurozone/euro area, or EA19, represents member states that use the bloc’s single currency – the euro – while the EU27 includes all of its member countries.

For the EU, retail sales were down 0.9% in February on a monthly basis, along with an annual decline of 3.1%.

The largest monthly decreases were in Slovenia (down 10.5%), Hungary and Poland (both down 2.0%) and Sweden (down 1.6%).

On the flip side, Greek Cypriot administration of Southern Cyprus (1.6%), Luxembourg (0.8%) and Belgium (0.7%) recorded the highest increases.