Eurozone retail sales fall in June
European Statistics Office "Eurostat" data shows that retail sales in the Eurozone declined by 0.3% in June, reflecting a continued weakness in consumer demand and limiting the support of spending for economic growth in the second quarter. On an annual basis, growth slowed to 0.7% compared to 1.9% in the previous month, and was below expectations of 1%. The food, beverages, and tobacco sector saw a decline of 0.5%, while car fuel sales increased by 1.5%. The results indicate that consumption has not been the main driver of growth in the region, with expectations of a gradual improvement in spending but no consumer boom at present.
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