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Eurozone retail sales surge in July despite Brexit

by ChemOrbis Editorial Team -
  • 05/09/2016 (14:53)
According to data released by the European Union’s statistics office Eurostat, retail sales in the Euro zone surged more than estimated in July and witnessed the biggest monthly increase of the year after the UK’s Brexit vote to leave the European Union in June.

Eurostat’s data shows that retail sales outpaced the economists’ forecasts and increased more than expectations both on a monthly and yearly basis in July, respectively at 1.1% and 2.9%. Plus, the monthly rise in July was the highest increase within this year after a 0.4% rise recorded in May.

In the Euro zone, monthly sales were mostly supported by consumer purchases of car fuel while retail sales of food, drinks and tobacco products were up by 1.1%.

Monthly retail sales in the European Union decreased by 0.2% in June and grew 1% during July. In the UK, after recording a 0.8% fall in June, sales rose by 1.3% in July.
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