Retail sales fell 3.6% YoY in July (June: -2.7% YoY). The result was the worst reading since May 2020. Meanwhile, the average annual growth of retail sales was flat at 3.3% in June in July.
Members of the FocusEconomics Consensus forecast committee forecast private consumption growth of 3.3% in 2022, unchanged from last month’s forecast. In 2023, they saw household spending increase by 2.2%.