Estonian retail sales maintain the pace in September

Estonian retail sales maintain the pace in September
By bne IntelliNews October 31, 2016

Estonian retail sales grew 5% y/y at constant prices in September, according to data released by Statistics Estonia on October 31. 

The reading shows turnover in the Baltic state maintaining the pace of expansion shown in August. Retail sales in Estonia have now grown each month since June 2013, only infrequently falling below 5%. The expansion is being driven by rising wages and low inflation, with consumption a major pillar for economic growth.

On a raw monthly basis retail sales fell 6% in September, although working-day adjusted data showed growth of 1%. Nominal sales totalled €530.4mn.

Sales of manufactured goods increased 9% y/y, slowing from a surge of 15% in August. Within that segment, sales of pharmaceutical goods and cosmetics fared particularly well, growing 17%.

Turnover at grocery stores was 2% higher on the year, after two months of weak growth. Sales of automotive fuel did not change as oil prices continued to stabilise.