Eurozone Retail Sales Exceeded Expectations in March

Data showed retail sales in the eurozone rose more than expected in March, indicating pent-up demand among consumers as the pandemic eases.

The European Union statistics office Eurostat said that retail sales in the 19 countries that use the euro jumped 2.7% month over month in March and 12% year over year.

Economists polled by Reuters had expected a monthly increase of 1.5% and an annual 9.6% increase.

Sales are mainly driven by demand for non-food products excluding auto fuel, which jumped 4.6% in March from February to a 25% year-on-year increase. Eurostat said online sales increased 37.2% year-on-year.