Wednesday, July 23, 2008

Czech Retail Sales May 2008

Seasonally adjusted retail sales rebounded slightly in May, growing by 0.6% month-on-month and by 2.5% year-on-year. Seasonally adjusted car sales increased by 0.7%, m-o-m, at constant prices, by 1.3% year-on-year and unadjusted (NSA) sales dropped by 1.5%. SA sales in hotels and restaurants increased by 0.2%, m-o-m, and NSA sales dropped by 0.3%, year-on-year.




The evidence for a slowdown in the Czech Republic is now really quite extensive.

The biggest contributors to the total sales increase were retail sale of furniture, lighting equipment, household articles, electrical appliances, radio and television goods, hardware, paints and glass in specialised stores and sale of food, beverages and tobacco predominating in non specialized stores. The most rapid growth was recorded for sales from the sale of textiles, clothing, footwear and leather goods and the sale of furniture, lighting equipment and household articles, electrical appliances, radio and television goods, hardware, paints and glass. The biggest drop of sales was recorded for retail sale of food, beverages and tobacco in specialized stores (-5.4%), retail sale of second-hand goods in stores (-3.3%), sale via stalls and markets and other non-store retail sale (-2.7%) and the sale in stores with pharmaceutical and medical goods, cosmetic and toilet articles (-1.3%)

2 comments:

vfr said...

based on local knowledge I see the Czech economy now slowing dramatically. The sales of new property and completions are now coming to an end and people who committed to off plan developments are furnishing. Equally the sales of food bieng down surprises me but shows the real effect of rising prices on peoples pay packets. I suspect from conversations that we will see tourism (spend) well down this summer.

Edward Hugh said...

"based on local knowledge I see the Czech economy now slowing dramatically. "

And looking at what I can see in the short term data I can only agree.

"I suspect from conversations that we will see tourism (spend) well down this summer."

Again, I agree. It's now much more expensive for people from the US, and here in Europe most countries are hovering around on the verge of recession. Plus the cost of travel just shot up. Here in Spain tourism is significantly down.

Plus, German business confidence took the biggest knock since 09/11 in July, so watch out is what I would say. And Q3 in the CR will probably be a lot worse than Q2.

Anyway, thanks for your on the spot observations, and do keep them coming.