In September 2017, unadjusted data show that the volume of retail sales grew by 5.6 percent year-on-year, while data adjusted for calendar effects indicate growth of 6.2 percent. The sector’s 51-month upward growth trend has been underpinned, among other factors, by VAT reductions, job growth and the marked increase in real wages caused by the Government’s six-year wage deal.

In the non-food sector, the volume of sales rose by 12.2 percent year-on-year. Recent robust sales show that households increasingly carry out purchases which they have delayed during the crisis as demand for durable goods is rising steadily. This trend is also being reflected in the rising volume of loans, within which consumer loan growth have been especially remarkable.

The volume of sales at non-specialized stores of food, beverages and tobacco products grew by 3.5 percent year-on-year, despite the fact that the sales volume had already exceeded the pre-crisis level in 2014. In comparison to January 2010, the volume of retail sales has been up by 23.9 percent, a figure well above the EU average of 11.8 percent. Thanks to the Government’s economic policy, wage growth is set to continue in coming months.

(Ministry for National Economy)