(MENAFN) Data released on Tuesday showed eurozone retail sales on a solid growth trajectory, marking the first significant increase in 18 months. Eurozone retail trade rose 0.8% month-on-month in March, the largest monthly increase since September 2022, according to the European Union's statistics agency Eurostat. Notably, this growth was driven by: Sales volumes of motor fuel increased by 2%, and food, beverage and tobacco products increased by 1.2%.
On an annual basis, retail sales in the euro area showed a positive trend, increasing by 0.7% in March. These figures highlight the resilience of consumer spending in the euro area despite continued economic challenges and uncertainty.
It is important to distinguish between the Eurozone, also known as the Eurozone (EA19), and the broader European Union (EU27). The Eurozone consists of member states that use the euro as their common currency, while the EU27 includes all member states of the European Union. This distinction is important for understanding the dynamics of retail sales within the European economic context.
Looking outside the eurozone, retail sales within the broader European Union also showed notable growth in March. Retail sales in the EU27 rose 1.2% month-on-month and 2% year-on-year, according to Eurostat.
When analyzing regional differences within the European retail industry, Poland, Greek Cyprus and Hungary emerged as the frontrunners, recording the largest increase in total monthly retail volume. Conversely, Sweden, Malta and Austria saw significant declines in monthly retail sales.
Overall, the positive momentum seen in retail sales across the euro area and the broader European Union comes against the backdrop of lingering challenges posed by the ongoing COVID-19 pandemic and other external factors. It reflects positive signs of economic recovery and consumer confidence.
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