NGM: the recovery of consumption continued, the volume of retail trade increased again in April

By: Trademagazin Date: 2024. 06. 06. 12:05

Overall, the significant increase in retail turnover indicates that as a result of the government measures, consumption is in the recovery phase, this process is substantially supported by the suppression of inflation and keeping it at a low level, thus the continuous growth of real wages since September – this is how he commented on the latest data in his statement on Thursday the Ministry of National Economy (NGM).

The NGM referred to the latest report of the Central Statistical Office (KSH), according to which the volume of retail trade increased by 3.2 percent in April 2024 compared to the same period of the previous year, so that in the first four months of the year, overall consumption increased by 2.4 percent on an annual basis. On a monthly basis, i.e. compared to the previous month, a minimal decrease of 0.9 percent was observed. The latter was primarily caused by seasonal effects, such as the more restrained spending after the March shopping spree associated with the Easter holidays – pointed out the NGM.

According to the ministry’s forecast, as a result of the strengthening of consumer confidence, the motive of caution is expected to further dissolve, which will contribute to the growth of GDP through the higher performance of the domestic economy. Real wages increasing by 5-6 percent annually will be one of the main driving forces for the recovery of internal demand and the expansion of consumption, so the growth trend observed in retail trade is expected to continue.