Romania’s retail sales post impressive 6.6% y/y advance in January

Romania’s retail sales post impressive 6.6% y/y advance in January

/ bne IntelliNews

By Iulian Ernst in Bucharest March 7, 2024

Retail sales in Romania (chart) increased by 6.6% y/y in January, one of the highest rates in the post-COVID period and four times the revised average growth in 2023 (+1.6% y/y), according to data released by the statistics office INS.

In seasonally adjusted terms, Romania’s retail sales marked an impressive 3.8% m/m advance from December. Private consumption is expected to be a major growth driver in Romania this year and the January figures are fully consistent with this.

The annual growth figure was dragged down by the sluggish sales of car fuels (+1.6% y/y) and the combined sales of food and non-food goods surged by +7.7% y/y in January. In seasonally adjusted terms, the advance was +4.1% m/m.

Non-food sales, a good indicator for households’ confidence, surged by 12.2% y/y (+8.0% m/m), nearly 10pp more than the 2.8% y/y average advance seen in 2023 (notably revised downward from +3.8% y/y). The performance comes after the net average wage topped the €1,000 threshold in December and the average net wages increased by +8.2% y/y in real terms, in Q4.

Food sales increased by only 2.7% y/y (+0.1% m/m) in January, compared to a 3.5% y/y average advance in 2023.

Sales of car fuels increased, in seasonally adjusted terms, by 3.8% in December-January – but they are still only 1.6% higher than they were in January 2023 and 0.8% lower than in January 2022.

#romania #retail #sales #macro #bneCharts

Read in IntelliNews Pro

Get IntelliNews Pro

Related Content

Formation of ruling coalition in Romania faces deadlock as Social Democrats suspend talks

Russia reaps harvest of chaos in nearby democracies

The EU Council calls for a European geothermal action plan

Formation of ruling coalition in Romania faces deadlock as Social Democrats suspend talks

Russia reaps harvest of chaos in nearby democracies

The EU Council calls for a European geothermal action plan

Data

Russia’s CBR keeps key rate at 21% under pressure

In a surprise decision CBR governor Elvia Nabiullina kept interest rates on hold at 21% as she comes under mounting pressure from Russian President Vladimir Putin and the oligarchs who accuse her of destroying the economy.

Polish industrial production disappoints in November as output falls 1.5% y/y

Seasonally adjusted, output expanded 1.1% y/y in November, following a gain of 3.9% y/y the preceding month, GUS data showed.

Moldova's economy shrinks by 1.9% y/y in Q3

Economic performance was dragged down by agriculture, while manufacturing sector grew.

Kosovo's population down 12% since 2011

Falling population attributed to departure of many Kosovars to work abroad in search of a better life, a trend that persists across the Balkans.

Polish producer price deflation eases further in November

The PPI has been on a declining trend, reflecting the still relatively low demand linked to sluggish Germany economy and the domestic expansion only beginning to gain sustained momentum, analysts say.

Russia’s CBR keeps key rate at 21% under pressure

Polish industrial production disappoints in November as output falls 1.5% y/y

Moldova's economy shrinks by 1.9% y/y in Q3

Kosovo's population down 12% since 2011

Polish producer price deflation eases further in November

Dismiss

Chat with usLiveChat