BUSINESS

Internal consumption becomes economic growth pillar

* Romania registers fourth-highest retail sales growth in EU

Despite the predictions of the Fiscal Council and of numerous internal market analysts, internal consumption has become, slowly but surely, one of the pillars of economic growth in Romania.

The latest National Statistics Institute (INS) report shows that in the first ten months of 2014 the retail trade turnover (with the exception of trade in auto vehicles and motorcycles) grew by 7.3 per cent year-on-year.

In October 2014 the retail trade turnover (with the exception of trade in auto vehicles and motorcycles) grew, month-on-month, by 1.6 per cent as a gross series and by 0.8 as a series adjusted to the number of working days and seasonality. Compared to the same month last year, the retail trade turnover (with the exception of trade in auto vehicles and motorcycles) grew by 5.8 per cent as gross series and by 6.3 per cent as a series adjusted to the number of working days and seasonality.

The main contribution came from the sales of food products, beverages and tobacco (+9.2 per cent), and the sales of non-food products (+8.7 per cent). Retail sales of fuel for auto vehicles dropped by 2.9 per cent.

Overall, in the ten-month period the retail trade turnover volume registered a 7.3 per cent year-on-year growth as a gross series. Non-food merchandise registered the highest sales, growing by almost 11 per cent, followed by food products, beverages and tobacco (+8.4 per cent). Retail sales of fuel for auto vehicles dropped by 0.1 per cent. That was before the drastic fall in the price of fuel, a fall caused by the historic drop in the price of oil on the world market.

Romania registers fourth-highest retail sales growth in the EU in October

In October, Romania registered the fourth-highest year-on-year retail trade growth in the European Union (5.8 per cent), ranking behind Luxembourg, Estonia and Slovakia, according to the data presented by Eurostat on Wednesday.

Data show that Luxembourg registered the highest retail trade growth (12.5 per cent), being followed by Estonia (6.9 per cent) and Slovakia (6.5 per cent). Malta was at the opposite end, its retail sales dropping by 3.7 per cent year-on-year. The other EU states registered growth in this sector during the period analyzed, Bulgaria registering a 3 per cent growth and Hungary a 5.2 per cent growth.

Month-on-month, retail sales grew by 0.8 per cent in Romania, the same growth level being registered in Hungary.

 

 

 

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