Retail sales increased by a moderate 0.3% m/m in December, as a price-related 2.8% m/m surge in the value of gasoline station sales helped to offset a 1.3% m/m drop back in motor vehicle sales. Underlying control group retail sales increased by a strong 0.5% m/m, but downward revisions to earlier months means that fourth-quarter real consumption was probably slightly weaker than we had previously anticipated, although we still estimate that GDP growth was close to 2.0% annualised.
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