Poland: Retail sales decelerate in May
June 25, 2014
In May, retail sales increased 3.8% over the same month last year. The increase was well below the 8.4% expansion tallied in April, which marked a two-year high. The result came in below market expectations of a 6.2% increase. The deceleration was mainly driven by weaker sales of motor vehicles as well as of food, beverages and tobacco products. Meanwhile, sales of clothing and footwear picked up in May.
Despite the slowdown, annual average growth in retail sales increased from 4.2% in April to 4.4%in May, which marked the fastest pace in 16 months. Average growth in retail sales has been on a steady upward trend after hitting a record low in August of last year.
Author: Carl Kelly, Economist