Estonian retail sales maintain growth tempo in September

Estonian retail sales maintain growth tempo in September
By bne IntelliNews October 31, 2019

Estonian retail sales grew 4% y/y in constant prices in September, according to data released by Statistics Estonia on October 31.

The reading repeats the annual growth expansion rate seen in August. Consumption is expected to be an important driver of Estonia’s economic growth in 2019, as it was last year.

The economy grew 3.9% y/y in 2018. The pace of GDP expansion is currently predicted at 3% this year following dynamic growth of 4.5% y/y in the first quarter and 3.6% y/y in the second quarter (3.8% y/y upon adjustment).

Stores selling manufactured goods saw sales expand 5% y/y in September, the same as in August, Statistics Estonia noted. Within that category, turnover increased the most – by 9% – in “other non-specialised stores selling predominantly manufactured goods,” or department stores.

Turnover in grocery stores grew 4% y/y in the ninth month, also the same as in August. Fuel sales increased 4% y/y in September, adding 2pp to the y/y expansion rate recorded the preceding month.

In m/m terms, sales retreated 5% in September, compared to a fall of 2% m/m in August. In nominal terms, turnover in Estonian shops came in at €618mn in September.