March 24, 2015

In February, retail sales dropped 1.3% over the same month of last year, which contrasted the 0.1% rise tallied in January and undershot the flat reading that the markets had expected. February’s print marked the lowest reading in over two years. The decrease reflected lower sales for all categories that comprise the index except for fuels, which registered a mild increase compared to the same month of last year. Clothing and footwear as well as and motor vehicles recorded the largest decreases in retail sales.



As a result of February’s fall, annual average growth in retail sales continued on the downward trend that began in May 2014. Annual average growth declined from 2.7% in January to 2.1% in February, which marked the lowest reading in over a year.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees private consumption expanding 3.0%.