We have had the good news from the eurozone economies (click here). Now it is time for a reality check. According to Eurostat, which has, we think, sorted out its own problems of insider trading, retail sales year on year in May rose by 1.6 per cent in the EU but fell by 0.9 per cent in the 12 eurozone countries.
As our readers will remember the predicted growth depended on rising domestic spending as the eurozone economy could not do well indefinitely just becaue the euro is weak and the rest of the world is beginning to recover. There had to be more for the seeming internal recovery to be sustainable. It seems that the something more is still in the shadows.
In fact, even the EU figures are not as good as one would like them since retail sales fell in from April the 25 by 1.3 per cent and and by 0.4 per cent in 12.
Total retail trade increased in the United Kingdom (+8.0%), Sweden (+5.4%) and Spain (+1.2%). Decreases were observed in Germany (-2.9%), France (-1.1%) and Portugal (-0.5%).
Click here to read eurostat press release.