Spain’s retail sales fell -0.4% MoM in July 2025 (seasonally and calendar adjusted) but rose +4.7% YoY, with annual growth slowing from June’s strong 6.2% YoY pace.

• The adjusted YoY rate of +4.7% was 1.5 ppts lower than June, while the unadjusted series showed +4.3% YoY, down 2.0 ppts from the prior month.

• MoM sales declined -0.4%, a 1.6 ppt drop from June’s gain, with small chain stores posting the sharpest fall (-1.9%).

• Excluding service stations, sales eased -0.1% MoM, showing broad underlying weakness.

• Food sales dipped -0.1% MoM, while non-food products declined -0.3%.

• Retail sector employment increased +2.0% YoY, highlighting continued labor market strength despite softer sales momentum.