Eurozone retail sales rise 0.4% in May, in line with expectations

Retail sales in the 19 countries that share the euro rose 0.4% in May, according to the latest figures from Eurostat.

This was in line with economists’ expectations and marked the biggest monthly increase this year. Meanwhile, April’s flat reading was revised up to show a 0.2% increase.

The growth in sales was led by increased purchases of non-food products such as textiles and medical goods, which were up 0.7% on the month. Meanwhile, sales of food, drink and tobacco were flat.

On the year, eurozone retail sales rose 1.6%, also in line with expectations.

In the EU-28 group of countries, retail sales were up 0.6% on the month and 2.8% on the year.

Dennis de Jong, managing director at UFX.com, said: “After a traumatic couple of weeks for Europe’s economies, the slight boost to retail sales across the eurozone in May will be welcome news.

“While these figures track sales before Britain’s historic vote to leave the European Union, they nonetheless hint at signs of resilience on the continent and will be used as a pointer that consumer confidence will not be shattered by events on the other side of the Channel.”