EU Retail Sector Recovers Sooner Than Expected

Business | December 3, 2020, Thursday // 12:36|  views

Euro zone retail sales rallied more than was expected in October, data showed on Thursday, mainly thanks to a surge in online shopping as a second wave of COVID-19 infections arrived.

The European Union’s statistics office Eurostat said retail sales in the 19 countries sharing the euro rose 1.5% month-on-month in October after a 1.7% monthly slump in September, for a 4.3% year-on-year increase.

Economists polled by Reuters had expected a 0.8% month rise and a 2.7% annual gain.

Eurostat said Internet and mail order sales jumped 6.1% on the month and surged 28.5% year-on-year, offsetting a 2.8 percent monthly and a 14.0% year-on-year fall in sales of clothes and shoes from shops.

Also sales of petrol fell sharply by 3.7% month-on-month and 9.6% year-on-year, a steeper fall than in the previous month, as fewer people travelled because of the pandemic./ Reuters

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Tags: EU, retail sector, recovery, pandemic


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