Montenegro's retail sales increased a real 12.5% y/y in November 2013, cooling from a 15.5% y/y rise the month before, the statistics office said. In monthly terms, retail sales continued retreating, shrinking 11% in November, albeit improving from a 11.7% m/m contraction in October.
Overall, the average annual growth of retail sales in 2013 will likely be higher than the year before due to the stronger tourism season. Nonetheless, subdued private consumption as the unemployment rate hit nearly 15% in early December, will remain a drag on the recovery going forward.
In January-November, retail sales rose a real 9.1% y/y, quickening from a 8.8% y/y hike in January-November 2012.
Montenegro's retail sales growth eased to 4.3% in 2012 from 14.8% in 2011 due to shrinking household demand.
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