Retail trade continued its downward spiral in July as Malta registered one of the highest drops in the EU, according to the European statistical agency.

Retail trade fell by 1.7 per cent when compared to the previous month and 4.2 per cent in relation to July last year. On both counts, Malta was one of the worst performers in the EU.

The figures published by Eurostat yesterday show that, on a yearly basis (comparing the performance of a month with the previous year’s month), retail trade has been dropping since March.

The decrease peaked in April (6.4 per cent) and although the rate had slowed down in July, shops were still selling less stock than they did last year.

According to Eurostat, the largest yearly decreases were observed in Portugal (7.6 per cent) and Spain (7.3 per cent) where severe austerity measures have curbed disposable income.

The eurozone experienced a yearly fall in July retail trade to the tune of 1.7 per cent.

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