Czech retail sales edge 0.3 % y/y lower in August, less than expected

By bne IntelliNews October 4, 2013

Czech retail sales declined in August 2013, erasing a gain in the previous month indicating that it may take a while until consumer confidence shows a sustainable recovery. Retail sales dipped 0.3% in unadjusted terms in August, following 4% rise in July, data from the statistics office showed. Analysts polled by Reuters were expecting sales to drop by 1% y/y.

On a working day adjusted basis, retail sales in the eighth month of 2013 increased by 1.3% y/y and when adjusted for seasonal factors they went up by 0.8% m/m. August 2013 had one working day less than in the same month last year.

Auto sales increased for the fifth straight month in August albeit at a slower pace than in July but helped partly offset the decline in the other category – retail trade. Sales and repairs of motor vehicles grew by 4% y/y in August, after climbing 10.7% a month earlier. On the other hand, retail sales, including automotive fuel, fell by 1.8% y/y in August, contrasting with a 1.4% hike in July.

IntelliNews comment: The August decline in Czech retail sales shows that consumer confidence continues to be weak amid the fragile economic recovery. The economy emerged from an 18-month long slump in the second quarter thanks to a pick-up in domestic and foreign demand. Falling real wages and still high unemployment rate are further dampening retail sales.

Related Articles

Poland’s PKN Orlen launches offer to delist Czechia’s Unipetrol

Poland’s state-controlled oil and gas company PKN Orlen has launched an offer to take over Czech refiner Unipetrol, the Polish company said on December 13. PKN Orlen said it will go through with ... more

Petr Kellner agrees to buy Skoda Transportation for reported €400mn

Petr Kellner, Central Europe’s richest man, has agreed to buy Skoda Transportation, the Czech manufacturer of electric trains, trams and ... more

CEFC and Penta reported to be bidding together for CME

CEFC, the acquisitive Chinese energy group, and Penta Investments, the closely-held Slovak financial group, are bidding together for Time Warner’s stake in Central European Media Enterprises (CME), ... more

Dismiss