Spanish retail sales jump in November at fastest pace in three months

Retail sales in Spain jumped during the month of November, at the fastest pace in three months and broadly beating what markets had initially anticipated.

Spanish retail sales growth was faster-than-expected pace in November, after slowing in the previous month, data released by the statistical office INE showed Wednesday.

Retail sales rose a calendar- and seasonally-adjusted 3.3 percent year-on-year, the fastest in three months, following a 2.1 percent increase in October, revised from 2.2 percent. Economists had forecasted 2.7 percent gain.

On an unadjusted basis, retail sales grew 4 percent after a 0.6 percent gain in the previous month. That was the strongest growth in three months. On a month-on-month basis, retail sales rose 0.5 percent from October, when they declined 0.2 percent.

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