BUCHAREST (Romania), August 3 (SeeNews) - Romania's retail sales rose by a seasonally and working-day adjusted 6.6% year-on-year in the first six months of 2022, the statistical office, INS, said on Wednesday.
Also on an adjusted basis, sales of food, beverages and tobacco rose by an annual 4.9%, non-food sales increased 5.4% and sales of fuels were up 9% compared to the like period of 2021, INS said in a statement.
Based on unadjusted data, retail sales climbed 5.2% on the year in the first half of 2022.
In June alone, Romania's retail sales increased by an adjusted 4.2% year-on-year, after rising by 6.2% the month before. On a monthly comparison basis, retail trade turnover fell by an adjusted 2.1% in June, after rising by 0.9% in May, the data indicated.
The figures do not include trade in motor vehicles and motorcycles.
According to an analysis by Erste published on Wednesday, consumers began to cut spending amidst high inflation, with non-food items being affected the most. "We see retail sales slowing down to +5.0% in 2022 vs +10.1% in 2021," Erste said in an e-mailed note.
Analysts also point out that retail confidence was still bright in July and new consumer loans in lei were close to all-time highs in June, but noted that these positive developments seem fragile in the current environment. "Subdued real wage growth and rising interest rates could dampen the growth rate of retail sales in the months to come," Erste added.
Details follow, seasonally and working-day adjusted data (pct change):
Romania's retail sales increased by an annual 10.1% in 2021.
(1 euro=4.9262 lei)