Montenegro's retail sales rise 17% y/y in December 2011.

By bne IntelliNews January 31, 2012
The retail trade in Montenegro rose by 17% y/y in December 2011, according to data published by the statistical office. The growth accelerated slightly compared to the previous month when it was 16% y/y. Retail sales managed to stay above their year-ago level during all 12 months of last year. The growth was more volatile during the first half of the year, while in Q4 retail sales were clearly stabilising. Given the falling net wages (down 6% y/y in December) and the relatively flat y/y unemployment rate, we believe that retail sales growth was mainly driven by foreign tourists. In the period from January to December, retail trade expanded by 15.1% y/y at constant prices.

Montenegro's retail sales rise 17% y/y in December 2011.

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