Eurozone retail trade up slightly in July

Retail trade volume in the eurozone rose by 0.2 percent in July compared with the previous month, the European Union's (EU) statistical bureau Eurostat said on Monday. In July, food, drinks and tobacco dropped by 0.4 percent, while the non-food sector increased by 0.5 percent in the 17-member bloc. Year-on-year, the retail sales index declined by 0.2 percent in the euro area, according to Eurostat. Revised figures showed retail sales in the eurozone in June rose by 0.7 percent month-on-month and dropped by 0.7 percent year-on-year. In the 27-nation EU, retail trade volume in July also increased by 0.2 percent from June and dropped by 0.2 percent from the previous year. Among the member states for which data were available, total retail trade increased in ten, dropped in nine and remained stable in Germany and Spain on monthly basis. The highest increase was seen in Portugal, up by 2.5 percent, while the sharpest decrease was in Malta, down by 3.4 percent. Retail sales are an indication of household demand, one of the three major economic drivers.