Latvian retail trade posts solid growth in June

Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) and released July 30 show that, compared to June 2017, in June 2018 total retail trade turnover rose by 5.6 %. 

"Turnover of retail trade in food products increased by 6.4 %, turnover of retail trade in non-food products, except for retail sale of automotive fuel, rose by 5.1%, whereas turnover of retail sale of automotive fuel – by 4.8 %," said the CSB.

Compared to May, the total turnover of retail trade enterprises in June 2018 reduced by 1.0 %, according to seasonally adjusted data at constant prices. Turnover of retail trade in food products decreased by 0.7 %, turnover of retail trade in non-food products, except for retail sale of automotive fuel, fell by 0.6 %, while turnover of retail sale of automotive fuel – by 3.0 %.

"Nonresident flows in the financial sector will continue to diminish, but the effect on the economy so far has been rather timid. Value added of financial sector will continue to fall, but it is happening slower that previously claimed by the authorities. It will most likely also happen longer and thus influence not only this year’s GDP, but also the next," Swedbank said in response to the figures. 

"Growth will remain strong also in the coming quarters. Taking into account outbeat performance in the first half of the year, GDP growth in 2018 will most likely be stronger than 3% forecast in April. However, business cycle is starting to mature and growth will gradually slow down both due to local labour and capacity constraints, but also due to slowing growth in Europe," said Swedbank.

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