Portuguese Economy – April retail sales, volumes, +4.0%YoY, o/w Food: -1.0% and non-Food: +8.7%. Non-Food remains vibrant

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All in all, non-food sales remain vibrant, +8.7%YoY; above moving averages, showing little impact of higher petrol prices, while Food is, apparently, adjusting, -1%YoY, partially explained by Easter effect, nevertheless, average of both months: +1.5%; below moving averages.  

The Portuguese Statistic Institute (INE) has just released April’s Retail Sales data.  

We would highlight the following:

• Retail sales deflated raw data (without service stations and car sales): +4.0%YoY vs. 12MMA (12 month moving average) +5.8% and 3MMA +4.8%;
• Non-food Retail sales deflated raw data (without service stations and car sales): +8.7%YoY vs. 12MMA +7.1% and 3MMA +7.1%;
• Food Sales, deflated raw data: -1.0%YoY vs. 12MMA +4.4% and 3MMA +2.4%;
• Nominal Food sales (raw data): +3.8%YoY vs. 12MMA +6.9% and 3MMA +5.9%;
• Clothes, Shoes & Textile (nominal raw data): +7.5%YoY vs. 12MMA: +5.5% and 3MMA: +5.4%;
• Household goods (nominal raw data): 13.2%YoY vs. 12MMA: +3.8% and 3MMA: 10.1%;

• Mail and Internet retail (nominal raw data): 16.6%YoY vs. 12MMA: 2.5% and 3MMA: 9.7%.

Separately, Spanish Internet sales, in euros in April (data released last week), +12.8%YoY vs. 12MMA: 13.8% and 3MMA: 12.1%

Our comments: Retail sales in April, volumes, slightly adjusted +4%YoY o/w Food -1% and Non-Food +8.7%. So, the adjustment was mainly on Food, and, apparently, it was related with Easter impact (mid-April in 2025 vs. early April in 2026), however the average of both months, March, and April points to +1.5%; which is clearly below moving averages.

All in all, non-food sales remain vibrant, 8.7%YoY; above moving averages, showing little impact of higher petrol prices, while Food is, apparently, adjusting.    

Source: INE, Eurostat, AS Independent Research