Retail spending continues to rise for 46th consecutive month

Retail spending continues to rise for 46th consecutive month Izvor: N1

In June 2018, retail spending went up 1.8 percent compared to June last year, rising for the 46th consecutive month, but at a much slower pace than in May, the national statistics bureau (DZS) reported on Tuesday.

That is a significantly slower rate compared to May when consumption jumped by 7.9 percent on the year, which was the largest increase since August 2007.

Calendar adjusted data showed that spending decreased by 4.1 percent on the month, DZS reported.

The 1.8 percent increase is the slowest rate since February this year when it increased by 1.2 percent.

“Positive trends are continuing in retail spending, although growth is slowing down. With positive results, June data confirmed continuing growth rates, which started in September 2014,” the Raiffeisenbank Austria (RBA) analysts said, commenting on the report.

Retail spending in June increased by 1.5 percent for food, beverages and tobacco products, and 2.3 percent for non-food products.

Personal spending will remain the main driver of growth in the following trimesters as well, which is visible in preliminary data for July, another successful tourist season, but also the latest data which indicate that credit activity has mildly recovered, RBA analysts said.

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