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May brings light relief to eurozone retail sales, but stormy outlook remains Wednesday, 4th July 2012
Retail sales in the eurozone rose by 0.6 per cent in May, but the long-term trend showed little relief for the industry.
Year-on-year sales at shops across the 17-member eurozone fell 1.7 per cent and by 0.3 per cent in the 27- member European Union.
In a note to clients, Olivier Bizimana at Morgan Stanley on Wednesday stated: "Europe's debt crisis is likely to have a lasting impact on consumption.
"Consumers are facing falling net worth and lingering economic uncertainty. The sovereign debt crisis has dented households' financial wealth in core Europe.”
Across the eurozone, shoppers were reluctant to spend amidst thebloc’s debt crisis. Even Germany, Europe’s most resilient economy, saw a second consecutive fall in retail sales for May, whist a 1.2 per cent increase in France failed to compensate for dismal trading in April.