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Slovak unemployment inched further down to 3.88% in March
19 hours ago
Estonian retail sales grew 7% y/y at constant prices in November, according to data released by Statistics Estonia on January 2.
The reading shows retail turnover in the Baltic state returning to solid growth after a weaker October, when sales managed an expansion of just 2%. Overall, retail sales have now grown each month since June 2013, only infrequently falling below the 5% threshold.
The expansion is being driven by rising wages and low inflation, with consumption a lonely pillar for economic growth. GDP growth remains subdued, pushing to just 1.3% on the year in the third quarter. The 1.7% expansion in the first quarter remains the best the small and open economy came up with in 2016.
On a raw monthly basis, retail sales fell 1% in November. Working-day adjusted data showed growth of 2%. Nominal sales totalled €533.6mn.
The fast growth in November owes largely to a 15% expansion in sales of manufactured goods. All other sectors of goods showed growth as well, Statistics Estonia notes. Food sales showed no change, while sales of automotive fuels expanded 6%.
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