Euro zone retail sales rebound more than expected in May

Staff of Reuters ReadSlideshowSlideshowSlideshowSlideshowSlideshow ( 2 images ) BRUSSELS, Belgium (Reuters) – Monthly retail sales in the Eurozone grew more than expected in May following a decline in April, driven primarily by non-food expenditures and motor fuel, according to statistics released on Tuesday. Retail sales in the 19 euro-area countries grew 4.6 percent month over month in May, and were 9.0 percent higher than a year ago, according to Eurostat, the European Union’s statistics office. Reuters polled economists, who predicted a 4.4 percent monthly increase and an 8.2 percent year-over-year increase. Retail sales dipped 3.9 percent month over month in April, but grew 23.3 percent year over year, according to Eurostat. As the bloc’s economy recovered following the easing of coronavirus limitations, Eurostat reported that non-food product sales, excluding fuel for automobiles, grew by 8.8% month over month in May, following a 6.1 percent drop in April, and increased by 14.8 percent year over year. Automotive gasoline sales increased 8.1 percent month over month and 28.4 percent year over year. Food, beverage, and cigarette purchases remained essentially steady, dipping by 0.2 percent month over month and rising by 0.1 percent year over year. Francesco Guarascio @fraguarascio contributed reporting, and Kirsten Donovan edited the piece./nRead More