Ukrainian retail sales increased 14.3% year on year in 5M21 accelerating from 14.0% y/y growth in 4M21, Ukraine’s State Statistics Service reported on June 22.
In May, real retail sales increased 5.2% m/m and 22.7% y/y.
The highest growth occurred in Chernivtsi (30.7% y/y), Ternopil (30.1% y/y) and Zakarpattia (24.5% y/y) regions. The slowest growth rates were in Kharkiv (2.1% y/y), Kirovohrad (10.3% y/y) and Ukraine-controlled Donetsk (10.6% y/y) regions.
“The retail growth continues to impress. The low comparative base of May 2020 (3.1% y/y decline) was not the major factor behind the remarkable result. The fast growth of wages and constrained alternative consumption (i.e. travelling) prompted the retail boom,” Evgeniya Akhtyrko of Concorde Capital said in a note. “We expect consumer demand to stay strong in 2021, allowing retail sales to accelerate to 10% y/y (vs. 8.4% y/y growth in 2020).”