Volume of retail trade down by 0.2% in euro area

According to Eurostat (the statistical office of the European Union) figures published today, in February 2015 compared with January 2015, the seasonally adjusted volume of retail trade1 fell by 0.2% in the eurozone and remained stable in the European Union at large. The statement also explains that in January retail trade rose by 0.9% and 0.7% respectively.

“In February 2015 compared with February 2014 the retail sales index increased by 3.0% in the euro area and by 3.6% in the European member states,” the statement continues.

Statistics show that the 0.2% decrease in the volume of retail trade in the euro area in February 2015, compared with January 2015, was due to falls of 0.8% for “Food, drinks and tobacco” and of 0.4% for automotive fuel, while the non-food sector rose by 0.1%.

“The stable volume of retail trade in the member states is due to a fall of 0.5% for “Food, drinks and tobacco” while both the non-food sector and automotive fuel rose by 0.3%,” Eurostat continued.

The statement explains that among member states for which data are available, the highest increases in total retail trade were registered in Latvia (+1.2%), Malta and Slovenia (both +1.1%) and Lithuania (+1.0%) and the largest decreases in Romania
(-1.4%), Portugal (-1.2%) and Spain (-0.7%).

“The 3.0% increase in the volume of retail trade in the euro area in February 2015, compared with February 2014, is due to rises of 4.3% for the non-food sector, of 4.2% for automotive fuel and of 1.0% for “Food, drinks and tobacco”. In the member states, the 3.6% increase in retail trade is due to rises of 5.5% for automotive fuel, of 4.9% for the non-food sector and of 1.5% for ‘Food, drinks and tobacco’,” the statement reads.

Eurostat explained that among member states for which data was available, the highest increases in total retail trade were observed in Luxembourg (+10.2%), Latvia (+9.0%) and Poland (+8.3%), while a decrease was observed in Slovakia (-0.3%).

Eurostat figures show that in February 2015, shops saw a strong rise in sales. Compared to February 2014, this February saw a net 5.2% increase in sales.

"The increase in local sales is a further reflection of the success of economic policies enacted by the current administration" - Government

“Malta had the second highest growth rate amongst EU countries and Malta’s growth rate was almost double the average increase in Eurozone countries,” a government statement said.

The statement continued that the increase in February had been the highest since 2010 and that February was the fourth consecutive month that Eurostat recorded an increase in sales in the country.

“The increase was the third highest registered increase in the month of February in the last ten years,” the statement continues.

The statement explains that the statistic is consistent with results of research by the European Commission into businesses and consumers.

“This research shows that for many months, Maltese consumers have been optimistic, and they have been spending more than usual due to their improving financial conditions. The research also shows that shop operators’ confidence is increasing and they are predicting more sales.”

According to the government these predictions are causing foreign analysts to upgrade their predictions about the country’s economic growth.

“The increase in sales is a further reflection of the success of economic policies enacted by the current administration. Due to the fight against inflation, there is a better environment for employment growth and investment,” the statement read.

The government also stressed that families are now in a position to spend more money, which is leading to more activity in shops.

“The government will be strengthening its efforts to increase Maltese families’ buying power in the coming months,” the statement concluded.