Euro zone retail sales pick up in October

| December 3, 2010
Euro zone retail sales pick up in October

Eurostat has today revealed a rise in euro zone retail sales for the month of October, after two months of declines.

Retail sales grew 0.5% in October on the month and were 1.8% higher on an annual basis, according to the European statistics office.

The increase also beat analysts’ expectations of a 0.2% rise.

Europe’s largest economy, Germany, recorded the highest monthly gain with a 2.3% rise, while the biggest annual improvement among all European Union states was Poland – which saw a staggering 12.8% rise.

Meanwhile, Eurostat said sales of food, drink and tobacco in the region grew by 1% in October, while non-food sales expanded by just 0.1%.

According to Howard Archer, chief UK and European Economist at IHS Global Insight, consumers in the euro zone are likely to remain cautious in their spending, bearing in mind that the unemployment rate is at a 12-year high and austerity measures are being implemented across the region.

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