Retail sales slow their advance in full cooling of the economy
The activity of retail trade moderated in September, in full cooling of the Spanish economy in the third quarter of the year. According to the data published this Monday by the National Institute of Statistics (INE), retail sales they advanced 0.5% in the ninth month of the year, three tenths less than in Augustcoinciding with the end of the summer campaign and with inflation moderating to 8.9%.
Retail trade sales chain two consecutive months of year-on-year increases after having fallen by 3.2% in July, the month in which the annual rate of the CPI peaked in Spain at 10.8%. The drop in Internet sales (9.5%) was especially significant, which also accumulated eight months of setbacks so far this year. If seasonal and calendar effects are removed, retail turnover rose just one tenth last month (exactly the same as in August).
East weakening of the figures is also perceived in employment, which increased five tenths less than in August, 2.2% in total. However, and putting the data in perspective, retail trade has recorded seventeen consecutive months of year-on-year increases.
By autonomous communities, retail sales rose in relation to the same month of the previous year in seven territories and fell in another nine in September. The Balearic Islands (9.2%), the Canary Islands (5.9%) and Castilla y León (1.7%) registered the greatest increases, according to the INE. Meanwhile, La Rioja (−4.0%), Castilla – La Mancha (−3.3%) and Region of Murcia (−2.1%) presented the greatest decreases.
The National Accounts data for the third quarter published a few days ago by the INE showed how household consumption was still increasing at a good rate (1.1% quarterly) between July and September, thanks to the savings that Spaniards accumulated during the pandemic and a labor market that, although it has shown signs of moderation, continued to show positive figures in terms of occupation. The data showed how households increased their consumption despite the fact that inflation reached its maximum in the middle of summer -showing a downward path since then and a strong moderation already in October, according to the advance made public by Statistics last week- .
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