Czech retail sales surprisingly fall by 1.8% in Nov 2012.

By bne IntelliNews January 14, 2013
Czech retail sales declined in November 2012 reversing an increase in the previous month as both the automotive segment and retail trade contracted deepening concerns about the weakening domestic consumption, data from the statistics office showed. Retail sales dropped by 1.8% y/y in unadjusted terms in November, following a 2.2% rise in October 2012. Analysts were expecting sales to remain flat in November, according to a Reuters poll. On a working day adjusted basis, retail sales in the 11th month of 2012 were 3.5% lower on the year and when adjusted for seasonal factors they decreased by 0.6% on the month, following a 1.5% m/m fall in October. Sales and repairs of motor vehicles decreased by 3% y/y in non-adjusted terms and by 5.8% in working days-adjusted. Seasonally-adjusted sales edged down by 0.8% m/m in November. Non-adjusted retail sales, including automotive fuel, were 1.3% y/y lower in November and when adjusted for working days they fell by 2.4% y/y. Seasonally-adjusted sales edged down by 0.6% m/m. IntelliNews comment : After the October increase, which was exclusively due to positive calendar effects, Czech retail sales contracted again in November confirming that the weak domestic demand continue to weigh on economic growth and signalling that the country possibly entered its fourth consecutive quarter of recession. Czechs are holding back spending due to the recessionary economy and rising unemployment. The falling retail sales also reflect the weakness in the real wage development. Real wages in the country dropped by 1.4% in Q3, their third consecutive quarter of decrease.

Czech retail sales surprisingly fall by 1.8% in Nov 2012.

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