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Slovak unemployment inched further down to 3.88% in March
56 minutes ago
Latvian retail sales grew by a calendar-adjusted 5.3% y/y in August, picking up speed on the 3.9% annual expansion recorded the previous month, data from the Central Statistical Bureau (CSB) showed on September 29.
August marked the 21st month in a row in which sales expanded. Growing retail sales are a positive sign for economic growth; their recent performance is close to the levels seen in 2015 when sales growth rarely fell below 4% y/y. In monthly terms, retail sales grew by a seasonally adjusted 0.6% in August, compared to 0.8% in July.
Latvia’s GDP expanded just 2% in 2016, a slowdown from 2.7% in 2015. However, the pace of growth accelerated to a seasonally adjusted 4.8% y/y in the second quarter. The reading strengthened the likelihood of economic growth pushing to 3.2% in 2017, as forecast by the European Commission.
Annual retail sales growth in August remained broad, with all segments expanding. Overall, sales of non-food products increased 4.1% y/y, while food sales gained 7.7% against annual growth of 3.3% and 4.6%, respectively, in July.
Real incomes are expected to continue to rise in Latvia, in turn pushing retail sales, as the labour market continues to tighten. The average gross monthly wage in Latvia gained 5% in 2016, compared to 6.8% in 2015. In the second quarter, wages grew 8.7% y/y.
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