Eurozone Retail Sales YoY: -2% (Forecast -1.7%, Previous -0.9%)

Euro zone retail sales fell in August, data showed on Thursday, pointing to a weakness in consumer demand and underlining expectations of an approaching recession.

Eurozone Retail Sales YoY: -2% (Forecast -1.7%, Previous -0.9%)

The European Union's statistics office Eurostat said retail sales in the 19 countries sharing the euro fell 0.3% month-on-month for a 2.0% year-on-year drop.

Economists polled by Reuters had expected a 0.4% monthly fall and a 1.7% year-on-year decline.

The fall in retail sales, seen as a proxy for consumer demand, underlines economists' expectations that the euro zone is likely to go in to a recession in the coming quarters, hit by the energy price shock created by the Russian invasion of Ukraine

Report

Reuters

EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term