September 29, 2014

In August, retail sales fell 0.9% over the same month last year, which followed July’s revised 0.2% decline (previously reported: -0.3% year-on-year). The print marked the lowest rate in a year. August’s deterioration mostly reflected a decline in sales at general merchandise stores, excluding service stations. Particularly, sales of household goods recorded a sizeable decline. On a working-day adjusted basis, retail sales expanded 0.4% over the same month last year (July: -0.2% yoy).



Annual average variation in retail sales swung from minus 0.1% in July to plus 0.3% in August, marking the highest level since April 2008.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.5% in 2014, which is unchanged from last month’s projection. The panel sees private consumption growth at 1.6% in 2015.