Retail sales fell 2.5% y/y in May (April: +0.7% y/y). The fall occurred against the backdrop of a general deterioration in all subcomponents. Looking at the release details, the drop in food, beverage and tobacco sales was a key driver of the decline.
FocusEconomics Consensus Forecast experts predict that private consumption will grow by 3.1% in 2022, which is 0.5 percentage points lower than last month’s forecast. In 2023, they predict a 2.7% increase in household spending.