Eurozone retail sales drop worse than expected in April

By Tuba Ongun

Euro area retail sales dropped worse than economists' estimates in April, according to data released on Thursday.

The volume of retail trade decreased 0.5% month-on-month in the eurozone in April, swinging from March's 0.7% hike, Eurostat data showed.

The market expected the figure to decrease by 0.2% from the prior month.

Sales volumes dropped 2.2% for automotive fuels, 0.5% for food, drinks, and tobacco, and 0.1% for non-food products.

On an annual basis, retail sales in the euro area posted 0% growth in April.

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

For the EU, retail sales went up 0.6% on a monthly basis and 0.1% at an annual pace in April.

The largest month-on-month hikes in the total retail trade volume were registered in Slovakia (2.4%), Bulgaria and Austria (both 1.9%), and Portugal (1.7%).

Meanwhile, Latvia (down 3.3%), Greek Cypriot administration of Southern Cyprus (down 3.1%), and Denmark (down 2.7%) saw the largest monthly declines.