Romania’s retail sales index returned to the two-digit annual growth area after climbing by a real 10.1% y/y in May 2014 following a temporary slowdown in April, the statistics office reported. In nominal terms, retail sales were up 10.9% y/y in May.
The quicker increase in the months was partly an effect of earlier celebrating of the Easter-Labour Day holidays this year but still the combined April-May index that filters out such effects indicated a robust 8.5% y/y real increase in industrial sales.
The industrial activity thus returned to high growth rates in May after the Easter-Labour Day holidays caused the temporary slowdown in April. Nonetheless, the high growth rate in the month – likely to be visible in the gross industrial output index to be released on July 10, is still partly an effect of low base. The Easter-Labour Day holiday last year decreased the workdays and the industrial activity in May 2013. The workday-adjusted industrial output will likely show a slower [single-digit] growth rate.
The combined April-May real industrial sales, calculated in order to avoid the shift in the Mayday-Easter holiday, increased by 8.5% y/y. This is a robust annual advance, much lower than the 14.8% y/y in Q1 but still the second highest value in the past couple of years.
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