Eurozone retail sales rise above pre-Covid levels to record high

Eurozone retail sales surged past pre-Covid levels in June to reach a record high, according to new figures published today.

Retails sales in the 19 countries that make up the area jumped 1.5 per cent over the last month, driven by consumers returning to high streets, restaurants and bars, although at a slower pace than in May when the initial Covid unlocking began.

Read more: PMIs: Eurozone business activity soars to 15-year high

Sales grew five per cent annually. Economists polled by Reuters had expected a 1.7 per cent monthly rise and forecast a 4.5 per cent year-on-year increase.

Bert Colijn, senior Eurozone economist at ING, said: “Confidence among consumers is very high at the moment, which is translating into an immediate return of spending on high streets now that restrictions have been eased.”

The figures come as new figures published today show Eurozone business activity soared to a 15-year, triggered by spending being re-allocated from goods to services.

IHS Markit’s latest Eurozone purchasing managers’ composite output index rose to 60.2 in July, the highest since June 2006.

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