According to data released by Spain's statistical office, INE, the country's retail sales continued to grow in December, albeit at the slowest speed in over a year. This marked a growth of 3.1 percent compared to the same time last year, a slightly weakened momentum from the 5.0 percent growth witnessed in the previous month. This pattern of growth in retail has been consistently observed since December 2022.
A closer look at the numbers without seasonal adjustments shows a moderation in retail sales growth to 3.4 percent, down from 5.9 percent a month prior. This overall growth was predominantly driven by a significant 9.3 percent upswing in sales of non-food items. Meanwhile, sales in food stores only saw a modest increment of 1.2 percent. Interestingly, service station sales witnessed a stark plunge of 16.0 percent compared to the previous year.
On a monthly basis, December saw a 0.7 percent dip in retail sales, overturning the 0.8 percent upward swing seen in November. Over the course of the full year 2023, retail sales experienced an overall adjusted increase of 6.0 percent compared to the previous year.
