Growth in Lithuanian retail sales accelerates in May

Growth in Lithuanian retail sales accelerates in May
By bne IntelliNews June 28, 2016

Lithuanian retail sales grew an unadjusted 6.7% y/y in May, according to data released by Statistics Lithuania on June 28.

The reading shows retail sales picked up some speed from the unadjusted 5.3% expansion in April. The result maintains a strong run for turnover, which has seen sales expanding every month since January last year. 

Sales grew 5.2% on the year on a working-day adjusted basis, slightly slower than the 6.3% growth the previous month. Month to month, sales gained an unadjusted 5.1%, while contracting 0.1% on adjusted terms.

As has been the case for months, retail turnover is being driven by an improving labour market and growing income. Consumption is a major plank in maintaining economic growth, as Lithuania pushes to find new export markets to replace weakened sales to Russia. This has so far helped Lithuanian economic expansion in 2016. GDP grew 2.4% y/y in Q1.
 
May's annual growth in shop turnover was largely driven by sale of motor fuels, which expanded over 20%, working-day adjusted, while sales of pharmaceutical, medical and beauty products, and information and communication equipment grew 6.5% and 5.3% on the year, respectively. Food sales only inched up 0.3%.

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