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8 Jan 2015
Retail sales data point towards euro recovery – Danske
FXStreet (Barcelona) - The Danske Bank Research Team believes that the recent jump in retail sales (+0.6%y/y) indicators that euro recovery might gain momentum in 2015, anticipating a GDP growth of 1.5% in 2015.
Key Quotes
“In November retail sales were stronger than expected, increasing by 0.6% m/m (consensus 0.2%, Danske 0.3%) and being revised up to 0.6% m/m from 0.4% m/m in October.”
“The details are still somewhat limited, but the increase seems to be broad-based with non-food products increasing 1.4% m/m in November after increasing 0.9% m/m in October.”
“The decent retail sales confirm our view that the euro recovery will gain momentum in 2015. We look for GDP growth of 1.5% in 2015, which is above consensus of 1.1%.”
“Going forward we expect private consumption to strengthen further. This should follow as the full impact of the decline in the oil price is not yet visible in consumer data and will not be seen until we get data for December and Q1.”
Key Quotes
“In November retail sales were stronger than expected, increasing by 0.6% m/m (consensus 0.2%, Danske 0.3%) and being revised up to 0.6% m/m from 0.4% m/m in October.”
“The details are still somewhat limited, but the increase seems to be broad-based with non-food products increasing 1.4% m/m in November after increasing 0.9% m/m in October.”
“The decent retail sales confirm our view that the euro recovery will gain momentum in 2015. We look for GDP growth of 1.5% in 2015, which is above consensus of 1.1%.”
“Going forward we expect private consumption to strengthen further. This should follow as the full impact of the decline in the oil price is not yet visible in consumer data and will not be seen until we get data for December and Q1.”