Retail sales in January up 2.9% y-o-y

Retail sales in Croatia in January 2016 increased by 1.6% in nominal terms and by 2.9% in real terms in comparison with January 2015, the 18th month in a row that retail sales have been increasing, the National Bureau of Statistics (DZS) said on Monday.

The rise was slower than in December 2015 when retail sales jumped by 4.8%, the largest increase since September 2007.

Four economic analysts polled by Hina had expected an average annual rise in retail sales of 3.2%, their projections ranging from 2% to 4.2%.

"In the months ahead we expect a continuation of positive annual retail sales growth rates, as indicated by the results of a consumer confidence survey. In addition, the tourist pre-season which this year starts earlier because of the Easter holidays and the further absence of inflationary pressures will certainly have a positive impact on retail sales as well," analysts at Raiffeisenbank Austria said in their comment on the DZS report.

They, however, warned that any substantial growth might be limited by internal structural problems, in particular the situation on the labour market which is reflected in low employment and weak purchasing power.

Last update: Mon, 14/03/2016 - 13:51
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