Eurozone retail sales drop more than expected in March

Retail sales in the Eurozone fell more than expected in March, according to the latest figures from Eurostat.

Sales were down 0.5% on the month compared with expectations of a 0.1% decline.

Food, drinks and tobacco sales fell 1.3% in March, while non-food products sales were down 0.5% and automotive fuel sales declined 0.4%.

On the year, sales in the 19 countries that share the euro were up 2.1%, missing forecasts of a 2.5% increase.

Dennis de Jong, managing director at UFX.com, said: “Unpredictable weather and an unsure political outlook are causing uncertainty across the board, which will challenge ECB president Mario Draghi’s attempts at establishing stability.

“As the UK’s EU referendum approaches, Draghi will know that there are sure to be more rocky roads ahead, as trade and political wrangles spell uncertainty for the retail sector.”