Russia’s Economic Ministry issues bleak economic stress test scenario
21 hours ago
Estonian retail sales accelerated growth to 5% y/y, according to data released by Statistics Estonia on July 31.
The reading shows the sector managing to exceed 1% growth for only the second time in the last five months, despite the tightened labour market. Growth of 5% or more was typical through 2015 and 2016. However, the June gain keeps retail sales firmly on an expansion track that has run since mid-2013. In monthly terms, retail sales expanded 2%.
Retail sales growth continues to be fuelled by the tight labour market. With industrial output also putting in strong expansion, the momentum appears to be there for accelerated GDP growth in the coming quarters.
The economy expanded 4.4% y/y in the first quarter. GDP is predicted to expand 2.2% across the whole of 2017, after managing a lacklustre 1.6% in 2016.
The annual growth in retail sales came on the back of an 11% expansion in sales of manufactured goods, which is an acceleration compared the 5% expansion in May. Food sales grew stayed flat y/y in June, while sales of automotive fuel expanded 3% y/y, following two months of decline. In the first half of 2017, retail sales grew 2% y/y.
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