Czech retail sales at 7.3% growth y/y in September

Czech retail sales at 7.3% growth y/y in September
Non-adjusted Czech retail sales year-on-year in September 2019 were up 7.3%, double the EU average
By bne IntelliNews November 12, 2019

Non-adjusted Czech retail sales increased by 7.3% year-on-year in September from 3.7% in August. The month-on-month seasonally adjusted sales in retail trade went up by 0.7%, according to the Czech Statistics Office data published on November 7.

“Retail sales were higher in September but mainly due to calendar effects. However, even after adjusting for this, sales continued on a solid track, which was comparable to this year's average pace. Retail sales growth (excluding cars) of around 5% this year remains similar to previous years and is double the euro area average,” said ING Chief Economist Jakub Seidler.

Sales for sale of non-food goods went up by 12.3%, sales for sale of automotive fuel by 3.2%, and sales for sale of food by 2.2%.

“Sales for sale of motor vehicles, including spare parts, increased by 11.2% y/y, and sales for repair of motor vehicles increased by 7.7% y/y,” said the Director of the Services Statistics Department Marie Bouskova.

According to Seidler, despite the fact that indicators of household confidence have dropped in 2019, at the weakest level in the last three years due to concerns about a slowdown in economic activity, domestic household consumption remains favourable due to the overheated labour market and solid wage growth.