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Spain retail sales fall 7.8% in November

Source: Reuters - Fri 28th Dec 2012
Spain retail sales fall 7.8% in November

Spanish retail sales fell by 7.8% year-on-year on a calendar-adjusted basis in November, official data showed on Friday, compared to a fall of 9.7% in October and below a consensus forecast of 10%.

Monthly retail sales in Spain have fallen for 29 straight months according to the National Statistics Institute (INE), with September's 11% drop representing the Country's sharpest fall on record.

Retail sales have been particularly weak since Spain's government hiked the value added tax (IVA) rate from 18% to 21% on September the 1st 2012.

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