Figures from the National Statistics Institute (INE) showed that retail sales increased by 0.3% per year in January, slowing sharply compared to December (+2.7%, revised from 3.1%), and recording the weakest increase over the past 14 months. Economists had expected sales growth of 3.7% per annum. Sales rose for non-food products (+1.9%), of which personal equipment (+4.9%), home equipment (+2.3%) and health (+2%). Meanwhile, food sales decreased by 1.2%.
On a monthly basis, retail sales fell by 0.5% after a 1.1% decline in December (revised from -0.7%). Consensus estimates suggested an increase of 0.5%. The general retail sales index, excluding service stations, recorded a monthly rate of 0.3%. By products, food decreased by 1.1% and non-food products by 1.2%.