NGM: the recovery of consumption continued in February, on an annual basis, retail sales increased for the second month running

By: Trademagazin Date: 2024. 04. 05. 12:19

Based on the latest data from the Central Statistical Office, the volume of retail trade in February 2024 increased by 4.6 percent according to raw data and 1.1 percent according to cleaned data compared to the same period of the previous year. Looking at the annual comparison, in the first two months of 2024, the volume of retail trade continued to expand, and it can now be stated that – after 13 months of decline – it has passed its lowest point and entered the recovery phase – the Ministry of National Economy (NGM) highlighted in its statement on Friday, evaluating the latest data.

Thanks to effective measures, the government reduced the rate of inflation to 3.7 percent by February 2024. The collapse of inflation, the growth of real wages since September, thus the strengthening of consumer confidence and the dissolution of the motive of caution, substantially supported the expansion of retail trade – emphasized the NGM.

In 2024, real wages increasing again by more than 5 percent will be one of the main driving forces for the recovery of internal demand and the expansion of consumption. This is indicated by the 2.7 percent increase in the volume of food and food-related mixed retail trade.