FX.co ★ Spain’s Retail Sales Growth Cools to 2.2% in February, Easing from Strong January Pace

Spain’s retail sector lost some momentum in February 2026, with sales rising 2.2% year-over-year, down from a revised 4.0% annual increase in January. The latest figures, updated on 30 March 2026, indicate that while consumer spending is still growing compared with a year earlier, the pace of that growth has clearly moderated.

Both the current and previous readings are measured on a year-over-year basis, comparing each month to the same month a year ago. January’s 4.0% gain highlighted robust retail activity at the start of the year, but February’s softer 2.2% rise suggests a cooling in demand or a normalization after a stronger-than-usual January.

The slowdown in February’s annual growth rate will be closely watched by analysts and investors, as it may signal a shift in the strength of household consumption—an important driver of Spain’s broader economic performance. However, the fact that retail sales remain in positive territory year-over-year still points to an expanding, if moderating, retail market.