Romania’s retail sales index jumped by 8.7% y/y in February after another significant advance of 5.3% y/y in January, the statistics office reported. The good performances in Jan-Feb indicate that, unless sales have dropped dramatically in March, their annual performances has consolidated from the 3.6% y/y gain posted in Q4 last year.
Without any fundamental grounds, except maybe low interest rates and retailers’ drive for cash flow, the sales seem to have firmly expanded above the steady levels seen in the past year and a half prior to Q4 2013.
NON-FOOD SALES GROW AT STEEPER RATES. The sales’ expansion in February as well as in the past months was driven by the non-food sales – which increased by 13.2% y/y in February, 9.5% y/y in January and 6.8% y/y in Q4 – each time by 3-4pps steeper than the average sales index and by 4-5pps steeper than the rise in food sales.
The seasonally- and workday-adjusted sales index increased by 1.3% m/m in February after the 2.3% m/m advance in January. After nine months of consecutive improval of the monthly performances, the index is some 8-9% above the level of the previous quarters – which was the same level as before mid-2010, when the fiscal austerity measures were enforced. Compared to the peak level before the crisis, achieved in June 2008, the sales are still 11.5% smaller, however.
| Retail sales index | 2010 | 2011 | 2012 | 2013 | Q4-13 | Jan-14 | Feb-14 |
| Total | -6.6% | -2.0% | 2.9% | 0.5% | 3.6% | 5.3% | 8.7% |
| Total, swda* q/q, m/m | n.a. | n.a. | n.a. | n.a. | 1.5% | 2.3% | 1.3% |
| A. Food stores | -9.6% | -6.8% | 2.4% | -0.1% | 1.7% | 5.0% | 5.7% |
| B. Non-food stores | -9.0% | 1.7% | 1.6% | 3.6% | 6.8% | 9.5% | 13.2% |
| C. Car fuel | 3.3% | -1.6% | 6.2% | -3.6% | 0.7% | -2.6% | 5.0% |
| Source: INS, *seasonally and workday adjusted | |||||||
Related Articles
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more
Austrian bank Addiko to enter Romanian market with consumer loans first
Addiko Bank, an Austrian financial institution specialising in the consumer and SME sector operating in Central and South-Eastern Europe (CSE), is preparing to launch operations in Romania with the ... more
Moldova’s MAIB announces stronger profit and plans to expand in Romania
Moldova’s Maib bank, which plans to list its shares on the Bucharest Exchange (BVB), has reported an excellent third quarter, with net profit rising by 11% year on year to MDL1.1bn ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago