Eurozone retail sales weaker than expected in February

Eurozone retail sales fell by 0.3 per cent in the three months to February. A fall of just 0.2 per cent was anticipated. The European Commission has predicted that the Eurozone economy will contract by 0.3 per cent this year.

IHS Global Insight's Howard Archer:

It is notable that sales volumes of non-food products fell 1.1 per cent month-on-month across the Eurozone in February pointing to a particular reluctance to make discretionary purchases. Sales of food, drinks and tobacco were down by 0.1% month-on-month.