European stores sold slightly more in January than the previous month. Food, beverages and tobacco in particular were more popular with consumers, while less fuel was sold for vehicles. This was reported by the European statistical agency Eurostat.
The number of products sold by European retailers increased by 0.3%. According to Eurostat, this applies to both the European Union and the eurozone, the countries that pay with the euro. In December, there was still a decline of 1.6 and 1.7 percent respectively.
The strongest climber in the Netherlands
The strongest increase was recorded in the Netherlands, where sales increased by 4.9% compared to December. Our country is followed by Luxembourg (up 4.6 percent) and Slovenia (up 4.1 percent). The number of products sold decreased most in Austria, by 9.8%.
ING economists indicate that a recovery was expected after December, but that the 0.3 percent month-on-month increase is “weak”. As a result, further growth during the first quarter will be “a challenge”. However, peak inflation appears to be behind us, which is good for consumers, according to ING. But with purchasing power still under pressure, “there doesn’t appear to be much momentum in a rapid recovery in 2023.”
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
