Spanish retail sales plummet at record pace
THE SPANISH economy took another huge blow as retail sales plunged at record speed in April, official figures showed yesterday, as the recession continues to bite.
Spanish retail sales were down 9.6 per cent in April compared with the same month of 2011 – the 22nd consecutive drop and the largest fall ever, according to the country’s National Statistics Institute (INE).
Once inflation is taken into account, that represents an 11.3 per cent fall.
Food sales dropped 6.7 per cent on the year, while other retail sectors fell 14.7 per cent, led by a 20.2 per cent collapse in household equipment sales.
Employment in the sector dropped 0.9 per cent, while unemployment as a whole stands at almost 25 per cent.
Meanwhile Italy sold €3.5bn in two-year debt at a yield of 4.037 per cent, well up on the 3.36 per cent paid on similar debt a month ago, as the pressures from Greece and Spain spread.