NGM: the increase in retail turnover continued in July

By: Trademagazin Date: 2024. 09. 05. 13:00

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The sales revenue of retail stores increased by 6.3 percent in one year, which still lags behind the significant nominal increase in wages. The slower growth of commercial turnover points to the maintenance of the cautious behavior of households and the slow dissolution of the motive of caution – the Ministry of National Economy (NGM) assessed the latest data in its analysis on Thursday.

The latest data from the Central Statistical Office (KSH) were cited, according to which the volume of retail trade increased by 2.5 percent in July 2024 compared to the same period of the previous year, and the overall increase in the first seven months of the year reached 2.6 percent on an annual basis. After a 0.2 percent decrease in the previous month, the volume of retail trade stagnated in July compared to the previous month.

According to the NGM, based on the data, it can be seen that those with high incomes save and consume abroad, while the middle class and below-average earners primarily spend their money on buying a home, while it can also be observed that the population prefers services and tourism instead of buying goods. increases its demand for These can be seen, among other things, in the excellent tourism data and the sharp increase in internet orders from abroad.

The NGM stated: the strengthening of the retail trade, however, remains the engine of economic growth, the expansion of which can continue due to the employment of over 4.7 million people and the significantly rising real earnings (the purchasing power of the earnings of families increased by nearly 10 percent in the first six months).