RETAIL sales continued to decline in Slovakia in September, totalling €1.49 billion, 1.8 percent less than in September 2009. In August, retail sales shrank at the same pace year-on-year. Wholesale sales were also lower year-on-year, recording a drop of 0.8 percent in September after 6.9-percent growth in August. September wholesale sales reached €1.999 billion, the SITA newswire wrote, citing data from the Slovakia’s Statistics Office.
Eduard Hagara, senior research analyst at ING Bank, thinks that the continuing drop in retail sales shows that the small increase in employment seen in the private sector in Slovakia during the last few months is not significant enough to strengthen consumer confidence.
“I assume that during the next few months Slovaks will also be careful in spending money and will be opening up their wallets only gradually,” he wrote in his memo for media. “Even though the continuing revival of the economy should continue to create jobs in the private sector, layoffs in the public sector will certainly put a brake on the optimism of consumers.”
Retail sales for the first three quarters of 2010 totalled €12.575 billion, down 2 percent from the same period in 2009.
29. Nov 2010 at 0:00 | Compiled by Spectator staff
