Spain's retail sales drop for 30th month

Spain market Spain's shoppers were not out in force over Christmas

Spain's retail sales have fallen for the 30th month in a row as the nation continues to suffer from a deep recession and high unemployment.

Sales during the important Christmas period in December fell by 10.7% from the same period last year, compared with November's 7.8% drop, the National Statistics Institute said.

Retail sales for 2012 as a whole were down 6.8% from the previous year.

An increase in Spain's sales tax helped deter shoppers.

The drop in retail sales has come as Spain's unemployment rate has hit a modern day record, with joblessness among young people topping 55%.

Official data recently showed that the jobless rate in the last three months of 2012 rose 1% to 26%, or 5.97 million people. The figure, the highest since the mid-1970s, follows Spain's prolonged recession and deep spending cuts.

The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country's over-heated property market.

Prime Minister Mariano Rajoy's government plans spending cuts of about 40bn euros ($54bn; £32bn) this year as it tries to prevent the need for a bailout.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features & Analysis

Elsewhere on the BBC

  • FilmsOnes to watch

    BBC Culture picks nine top films coming out next month

Programmes

  • European Union's anti-terrorism chief Gilles de KerchoveHARDtalk Watch

    Anti-terrorism chief Gilles de Kerchove on the threat from returning Islamic State fighters

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.