Monday, 6 May 2013

Volume of Retail Trade Drops 2.4% on last year in Euro Area

Things are only getting worse in the euro area. Eurostat reports (my bold),
In March 2013 compared with February 2013, the volume of retail trade fell by 0.1% in the euro area (EA17) and by 0.2% in the EU272, according to estimates from Eurostat, the statistical office of the European Union. In February retail trade decreased by 0.2% in the euro area, but rose by 0.1% in the EU27.
In March 2013, compared with March 2012, the retail sales index dropped by 2.4% in the euro area and by 1.6% in the EU27.
The drop on last year was driven by the non food sector which fell 3.3% on the same month last year. Meanwhile, the unemployment rate in the euro area increased to 12.1% in March and industrial production continues to fall. The economic situation is indeed only getting worse in the euro area. As we wrote in January,
Expecting an economic improvement in the euro area this year is optimistic. In fact, together with poor industrial production figures and the continued increase in unemployment, the euro area economy is likely to deteriorate further, much further. In fact, as long as the central planning committee in Brussels continues to be in charge (together with the ECB and the IMF), as long as bail outs of bust countries and banks continue with tax payer money, it will only continue to get worse. It is the main reason for the debt crises and the main reason it is not going to end any time soon.
Read the full press release here.

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