Retail trade upturn in January

Acco140305_kisker_ENrding to the preliminary readings, the volume of retail sales – both unadjusted and working day adjusted – rose by 3.9% in January against the same month of the previous year, a pace not seen (save November 2013) for many years. All three main groups of retail stores saw an increase of their sales at a rate above 3.5%, another welcome fact.

This vibrant growth was preceded by an unexpectedly tepid sales retail growth in December that was accompanied by a unusually slow growth in net wages. This fact suggests that the outstanding retail growth in January was – in part, at least – a result of a temporary upward swing of wage growth, due to the postponed payment of year-end bonuses in the business sector. Assuming that this is the case, retail sales growth are likely to slow down during the coming months.