Eurozone retail sales declined more-than-expected in September after recovering in August, data published by Eurostat showed Thursday.
Retail sales volume fell 2 percent month-on-month in September, in contrast to a 4.2 percent increase in August. Sales were forecast to drop 1 percent.
Sales of food, drinks and tobacco dropped 1.4 percent on month and non- food product sales slid 2.6 percent. At the same time, sales of automotive fuel in specialized stores were down 0.2 percent.
On a yearly basis, growth in retail sales halved to 2.2 percent from 4.4 percent in August. Economists had forecast a 2.8 percent rise.
The decline in Eurozone retail sales brings them back to the level seen before the pandemic, but things are likely to get much worse before they get better, as new lockdown measures will hit the retail sector heavily, Bert Colijn, an ING economist said.
In the EU27, retail sales dropped 1.7 percent on month but expanded 2.1 percent on a yearly basis in September.
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