Retail sales in Bulgaria drop 5.3% y/y in November 2011 - Eurostat.

By bne IntelliNews January 9, 2012
The volume of retail sales declined for a sixth month in a row by 5.3% y/y in November and the contraction accelerated further from 5.2% y/y in October, Eurostat data showed. The indicator has been falling in annual terms in each month since February 2009 until March 2011 when it turned to growth. The positive trend sustained for three consecutive months. In monthly seasonally-adjusted terms, the index fell by 0.6% in November decelerating from 0.8% in October. In all the 27 EU member states, retail sales contracted by 1.3% y/y as compared to a decline of just 0.1% y/y a month earlier. IntelliNews comment: The relatively high unemployment level and the economic environment uncertainties are to continue to prevail in the next months thus pressing down private consumption levels. Wage incomes are still rising but households rather prefer to accumulate precautionary savings. According to the latest business sentiments survey from early December, the managers from the retail business do not expect significant changes in the business in the next six months and economic uncertainties as main impediment for the business hit historical record high value of 81.5%. The national statistical institute will publish detailed data today (January 9).
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