However, when adjusted for season and calendar effects, GDP actually declined by 0.4%.
According to provisional estimates, the GDP was affected by a drop of 1.2 % in producing sectors and of 0.2 % in services sectors. Collected taxes on products increased by 1.5 %, but the volume of product subsidies (which have the effect of reducing GDP) dropped by 45.4 %.
The quarter-on-quarter data showed an even more negative trend. Compared to the first quarter of 2024, GDP fell by 1.1 % (according to seasonally and calendar adjusted data) in the second quarter.
The disappointing GDP figures were underlined by the latest retail figures, also published July 29. Calendar adjusted data show that, compared to June 2023, in June 2024 total retail trade turnover reduced by 2.1%. Turnover of retail trade in food products fell by 5.2%. Retail trade in non-food products (except for retail sale of automotive fuel) decreased by 0.2 %, but turnover of retail sale of automotive fuel fell by 0.4 %.
As compared to June 2023, the largest turnover rise was registered in retail sale of information and communication equipment in specialised stores (of 8.8 %), retail sale of clothing, footwear and leather goods (5.0 %), as well as retail sale of cosmetics and toiletries (4.9 %).
Total retail trade turnover at current prices increased by 0.7% (not taking into account the calendar influence).
Compared to May, the total turnover of retail trade enterprises in June 2024 fell by 1.7 %, according to seasonally adjusted data at constant prices. Turnover of retail trade in food products fell by 1.6%. Retail trade in non-food products (except for retail sale of automotive fuel) reduced by 1.8 %, while turnover of retail sale of automotive fuel fell by 1.8 %.
