Eurozone retail sales grew in December after a sharp fall in November, data from Eurostat revealed on Thursday.

Retail sales increased 2 percent month-on-month in December, in contrast to a fall of 5.7 percent in November. Sales were forecast to grow 1.6 percent.

Sales of food, drinks and tobacco gained 1.9 percent and non-food product sales climbed 1.5 percent. Sales of automotive fuel in specialized stores advanced 5.1 percent.

On a yearly basis, sales volume grew 0.6 percent, reversing a 2.2 percent drop in November. Economists had forecast a 0.3 percent rise.

The small bounce back in December was because of new countries imposing restrictive measures while others loosened up for the holiday period, Bert Colijn, an ING economist, said. The modest rebound suggests that current lockdowns do significantly impair consumption despite online sales.

In the EU27, retail sales grew 1.4 percent on month and by 0.5 percent annually in December.

The material has been provided by InstaForex Company –

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