Estonian retail sales grew 5% y/y at constant prices in February, according to data released by Statistics Estonia on March 31.
Retail sales have grown at a rate of at least 5% each month since July 2014, reflecting consumer confidence on the back of a tightening labour market. Private consumption showed robust growth throughout 2015, while wages grew 6% last year.
However, the expansion appears to be slowing. The growth in turnover in Estonia's shops in February was remarkably slower than the 8% recorded in January, and the slowest in over a year. On a monthly basis, sales fell 9%, while seasonally and working day adjusted, they decreased 3%.
Nominal sales in February came in at €476.4mn. Pharmaceuticals and cosmetics sales surged 20% on the year, while sales of manufactured goods increased 10%. Sales in grocery stores increased 7%. Sales of automotive fuel decreased 8% in February, reversing on growth of about 30% in the previous month.