Retail Sector Continues to Climb
Vindicating the cautious optimism of Financial Minister Jürgen Ligi who said signs of life were returning on the domestic market, Statistics Estonia's latest data indicate a 12 percent year-on-year growth in retail sales in February.
Compared to February of the previous year, retail sales of goods increased 12 percent at constant prices, the statistics agency's freshly published report says.
Last year's February was the first month of rebound after the crisis for retail businesses, followed by monthly growth figures within 2 to 6 percent till the end of 2011. In January 2012, the year-on-year growth was as high as 16 percent, reflecting the still dormant state of the sector a year ago.
In February, retail sales of goods by retail trade enterprises amounted to 305.3 million euros. The sales in stores selling manufactured goods increased 16 percent compared to February 2011. Retail in pharmaceutical goods and cosmetics as well as textiles, clothing and footwear grew the most, 24 percent and 22 percent, respectively.
Other specialized sellers, such as stores selling computers and accessories, photography supplies, books, sports equipment, games and toys and stores selling household goods, appliances, hardware and building materials also reported healthy sales growth.
Retail in grocery was up 10 percent compared to February 2011, the indicator mainly influenced by the low reference base of the previous year and by flattening of the price curve. While in October to December, food prices kept rising around 4 percent year on year, February saw the rate ease to 2.9 percent.
In February the sales revenue of retail trade enterprises totaled at 385.1 million euros, 80 percent of which came from retail sales of goods. Compared to February 2011, the figure increased by one-fifth at current prices, but fell 2 percent compared to last month.
Erkki Sivonen