Retail sales in the eurozone came in better than expected, but growth fell off sharply from the previous year, as consumers in the region struggled with the effects of the economic downturn.
The EU statistics agency Eurostat reported Friday that retail sales volume in the 17-nation euro zone saw a 0.1% monthly rise in June. However, it but fell 1.2% compared to the same month last year. Economists surveyed by Dow Jones Newswires had forecast a 0.1% monthly drop and a 1.8% year-on-year decline.
Sales in Germany, the largest economy in the eurozone, fell 0.1% in June from the previous month. That was its third monthly decline in a row.
Eurostat also revised May eurozone retail sales higher to show a 0.8% monthly rise. The initial estimate was a 0.6% monthly rise.
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