Retail turnover slows down growth pace in August

Newsroom 02/10/2015 | 13:29

August 2015 brought a decrease of 0.3 percent in retail turnover in adjusted series according to the number of working days and to seasonality (while gross series indicated a 1.4 percent increase), according to data released by the National Institute for Statistics.

However, against the corresponding month of the previous year, the retail turnover volume increased both as gross series and as adjusted series by 9.6 percent and by 8.0 percent respectively.

The numbers came to a screeching halt after consistent growth registered during the months following a VAT cut in food products in June.

Retail volumes were positively influenced as gross series against the previous month by the sales of food, beverages and tobacco (up 4.6 percent) and by the sale of non-food products (up 1.6 percent), while the retail of automotive fuel in specialised stores decreased by 3.5 percent.

As adjusted series, food, beverages and tobacco saw a 2 percent increase, while non-food products rose 0.1 percent. Automotive fuels saw a 4.3 percent drop.

Year on year, increases were registered all around as gross series, with food climbing 24.2 percent in sales, automotive fuels 3 percent and non-food products 2.2 percent. Adjusted numbers ranged closely with foods having a 25 percent rise, fuels 2.6 percent and non-food products 0.4 percent.

When looking at the first eight month of the year, retail volumes increased both as gross series and as adjusted series by 6.2 percent and by 5.8 percent respectively.