Eurozone retail sales disappoint in February

Eurozone retail sales rose less than expected in February, according to figures released on Thursday by Eurostat.

Retail sales increased by 0.3% on the month following a 0.2% rise in January, missing analysts' expectations for a 0.6% jump.

The volume of retail trade rose 3.2% for automotive fuels, and 0.8% for non-food products. For food, drinks and tobacco, it fell 0.5%.

On the year, retail sales were up 5% in the eurozone.

Bert Colijn, senior eurozone economist at ING, said: "Economic data preceding a major event always feel like a blast from the distant past. Still, this disappointing retail sales recovery in February is relevant because it dampens first quarter GDP growth expectations.

"Sure, the bulk of the easing of restrictions happened in March, but some stronger sales figures had been expected. The first quarter, therefore, remains a quarter with a lot of uncertainty because of production disruption and reopening effects in March, and mixed hard data through February with strong industrial data from Germany and these weak retail sales numbers."