Retail sales in the European Union and the Eurozone contracted at its fastest pace in a year on both a monthly and annual basis in December, reported the European statistics office Eurostat.
In December 2023, the volume of retail sales contracted by 1.1% in the Eurozone and by 1.0% in the European Union compared to the previous month, seasonally adjusted data from the European Union’s statistics office showed. In comparison, in November 2023, the volume of retail sales increased by 0.3% in both the Eurozone and the European Union.
On a year-on-year basis, the calendar-adjusted index of retail sales fell by 0.8% in the Eurozone and by 0.7% in the European Union in December. The average volume of retail sales for 2023 compared to the previous year shrank by 1.8% in both the Eurozone and the EU.
In the Eurozone, in December 2023 compared to November 2023, the volume of retail sales contracted by 1.6% in the category of food, beverages and tobacco, by 1.0% in non-food and by 0.5% for automotive fuels.
The results in the EU show a decrease of 1.8% for food, beverages and tobacco products, for non-food goods – of 1.1%, and in the category of automotive fuels there is no change.
Among the Member States for which data are available, the largest monthly decreases in total retail sales volume were recorded in Slovenia (-3.6%), Denmark (-3.2%) and Luxembourg (-3.1%). Slovakia (2.0%), Croatia and Hungary (both with growth of 1.4%) and Portugal (0.7%) stand out with the most serious growth.
In the Eurozone in December 2023, compared to the same month a year earlier, the volume of retail sales decreased by 6.2% in motor fuels and by 1.0% in food, beverages and tobacco products, while in non-food goods sales grew by 0.1%.
The EU also reported a 6.3% drop in motor fuels, a 0.7% drop in food, beverages and tobacco, and a 0.4% increase in the non-food category.
Among the Member States for which data are available, the largest annual decreases in total retail sales were recorded in Slovenia (-15.0%), Estonia (-4.2%) and Slovakia (-3.8%). On an annual basis, sales volume grew the most in Croatia (8.9%), Cyprus (3.8%) and Spain (3.4%).
