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Retail sales up by 8.3% y-o-y in November


Retail sales at current prices grew by 8.3% y-o-y in November, a slight deceleration compared with the previous month, according to data from the Central Statistical Office (GUS). The result was below market expectations, which were around 9% y-o-y.

In comparison with the corresponding period of 2009, sales were up in all the main branch specialisations except sales of newspapers, books and other items at specialist stores, which tumbled by 17.2% y-o-y. The highest increase was noted in sales of furniture, radio, TV and household appliances (up by 26.3% y-o-y), followed by motor vehicles, motor cycles and parts (up by 21.9% y-o-y) and textiles, clothing and footwear (up by 20.5% y-o-y). Double-digit growth also occurred in sales of pharmaceuticals, cosmetics and orthopaedic equipment (up by 18% y-o-y), sales at non-specialist retail stores (up by 15.1% y-o-y), and fuels (up by 12.4% y-o-y). By contrast, sales of food, beverages and tobacco products edged up by 0.1% y-o-y.

In January-November retail sales at current prices climbed by 4.6% y-o-y. According to our estimates, in 2010 as a whole retail sales rose by 5.5%. We forecast that in 2011 retail sales growth will accelerate to 8.1%.

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