Spain retail sales fall 7.8 percent in November

MADRID Fri Dec 28, 2012 3:07am EST

MADRID Dec 28 (Reuters) - Spanish retail sales fell by 7.8 percent year-on-year on a calendar-adjusted basis in November, official data showed on Friday, compared to a fall of 9.7 percent in October and below a consensus forecast of 10 percent.

Monthly retail sales in Spain have fallen for 29 straight months according to the National Statistics Institute, with September's 11 percent drop the sharpest fall on record.

Retail sales have been particularly weak since Spain's government hiked the value added tax rate to 21 percent from 18 percent on Sept. 1. (Reporting by Clare Kane; Editing by Sonya Dowsett)