The monthly retail sales in the Euro zone surged way above that it was expected in May after a drop in April. This increase has been driven mostly by purchases of non-food products and car fuel, the data showed.

The European Union`s statistics office Eurostat said retail sales in the 19 countries sharing the euro surged 4.6% month-on-month in May and were 9.0% more than a year earlier.

Economists had expected a 4.4% monthly rise and forecast a 8.2% year-on-year increase in retail sales.

The retail sales in April fell 3.9% on the month, although they increased by 23.3% on the year, Eurostat said.

With the rebounding of the bloc’s economy rebounded after the lifting of coronavirus restrictions, Eurostat revealed that sales of non-food products, excluding fuel for cars, increased in May by 8.8% on the month after a 6.1% plunge in April, and surged 14.8% on the year.

The automotive fuel sales were 8.1% higher on the month and rose 28.4% year-on-year.

The food, drinks and tobacco purchases remained largely stable falling slightly by 0.2% on the month and rising by 0.1% on the year.

By Bizemag Media

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