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CBR: October macroeconomic forecast upgrades 2024 growth, but will slow in 2025
8 hours ago
Ukrainian retail sales increased 5.6% year on year (and 1.9 month on month) in October, slowing from 5.9% y/y growth in the previous month, Ukraine’s State Statistics Service reported on November 22. In 10M21, retail increased 11.5% y/y (vs. 7.0% y/y in 10M20).
The highest growth of retail sales in 10M21 occurred in the Chernivtsi (26.8% y/y), Ternopil (24.9% y/y) and Zakarpattia (19.5% y/y) regions. The slowest growth rates were in the Kharkiv (1.9% y/y), Ukraine-controlled Luhansk (6.0% y/y) region and Volyn (6.6% y/y) regions.
The growth rate of retail sales continues to decline as the effect of the low comparative base in the previous year wears off. Nevertheless, maintained by consumer demand, retail growth remains quite high in contrast with the overall weak economic performance.
Analysts at Concorde Capital expect retail sales to increase 10.0% y/y in 2020 (vs. 7.6% y/y growth in 2020).
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