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Eurozone retail sales drop for second consecutive month

  • Retail sales across the eurozone dropped for the second month in a row in March, according to the European Union statistics agency Eurostat on Monday.

    The volume of sales was down 0.1 percent on the month following a 0.2 percent decrease in February.

    The year-on-year reading indicated a worse-than-expected 2.4 percent drop.

    Last week, the European Commission forecast that eurozone growth would shrink by 0.4 percent during 2013, lower than the 0.3 percent forecast in February.

    Weak consumer spending remains a concern for the European Central Bank, which lowered its benchmark interest rate to a record low of 0.5 percent last week.

    Tagged as: Eurozone, Eurozone retail sales drop, Eurozone sales drop, eurozone sales