Retail trade down in June, business sentiment downbeat

Calendar adjusted data (at constant prices) compiled by the Central Statistical Bureau (CSB) July 29 show that, compared to June 2021, in June 2022 total retail trade turnover reduced by 0.7 %. 

Turnover of retail trade in food products grew by 2.8%, but retail trade in non-food products (except for retail sale of automotive fuel) decreased by 0.2 %, while turnover of retail sale of automotive fuel was down by 8.6 % as prices soared.

Compared to June 2021, the most notable turnover rise was recorded in retail sale of cultural and recreation goods (of 31.4 %), retail sale of information and communication equipment in specialised stores (8.2 %) and retail sale of cosmetics and toiletries (5.2 %). Turnover decline was registered in retail sale via mail order houses or via Internet (of 12.7 %), retail sale in stalls or markets (12.2 %) and retail sale of clothing, footwear and leather goods (8.2 %).

Total retail trade turnover at current prices increased by 20.3 % (not taking into account the calendar influence).

 

Compared to May, the total turnover of retail trade enterprises in June 2022 fell by 0.5 %, according to seasonally adjusted data at constant prices. Turnover of retail trade in food products declined by 0.2 %. Retail trade in non-food products (except for retail sale of automotive fuel) reduced by 1.0 %, but turnover of retail sale of automotive fuel – increased by 0.4 %.

In a separate release, the CSB published evidence of worsening sentiment among businesses. In July 2022 business confidence indicators reduced in all business sectors. Data of business tendency surveys carried out by the Central Statistical Bureau (CSB) shows that, compared to June, indicators in manufacturing and services sector have improved slightly, but in retail trade and construction they continue to reduce.

Business confidence indicators characterize the general situation in the sector and they are acquired by carrying out business surveys in industry, construction, retail trade and services sector. If the indicator is above zero, business environment is positive, if it is below zero, business environment is negative.

In July 2022 confidence indicator in retail trade, according to seasonally adjusted data, comprised - 4.6. As compared to June, this indicator has dropped by 3.1 percentage points. The seasonally unadjusted indicator was 6.6, which is significantly lower than usually during the summer season. 

For the second month in a row the most optimistic entrepreneurs are in accommodation, the most pessimistic, in publishing.

In the services sector, the seasonally adjusted confidence indicator in July 2022 was negative (- 1.5) and business environment of entrepreneurs has improved by 2.1 percentage point, compared to June. 

The July confidence indicator in construction, according to seasonally adjusted data, is -16.2 which, compared to the previous month, has reduced by 0.9 percentage points.

In July, compared to June, the confidence indicator in manufacturing has grown by 0.4 percentage points and comprises -4.2. It was affected by a slightly more positive forecasts of enterprise managers regarding their production activity for the next three months, as well as larger decrease in the level of stocks of finished products.

 

In July 2022 the overall economic sentiment indicator comprised 94.8, (90.4 – in June). Economic sentiment indicator characterizes general socio-economic situation in the country during a certain period of time (month), and it is calculated by the European Commission, Directorate-General for Economic and Financial Affairs for all EU countries according to a common methodology, taking 15 various seasonally adjusted components included in industry, construction, retail trade and services sector, as well as in consumer confidence indicator, as a basis. Growth of economic sentiment indicator was mainly promoted by a significant improvement of assessment among consumers in July.

 

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