Analysts: consumption remains the engine of growth

The retail sales growth rate in August was in line with the average of the first eight months, so it fits in with this year’s trend and does not indicate a slowdown in economic growth. Analysts told MTI that the dynamic wage growth keeps consumption at a high level, thus counteracting the slowdown in GDP growth.

According to a report released by the Central Statistical Office (KSH) on Thursday, retail trade turnover in August was 5.3 percent higher than a year before, according to raw data and 5.8 percent calendar effect adjusted. In the first eight months of the year, both the calendar effect adjusted and raw data, sales were 5.8 percent higher, compared to the same period of last year. (MTI)