News
IMF Improves Latvia’s GDP Forecast
Industry Continued to Grow Rapidly, a Slower Rate Expected in the Next Months
An Annual Retail Turnover Increase for the First Time since 2008
Rapid Contraction of Wage-Productivity Gap Allows Industrial Growth
Latvia's Outlook Raised to `Stable' by Fitch on Budget, Improving Economy
Government Takes Action to Attract Large Foreign Investments
Action Plan of Combating Shadow Economy Approved
Retail Turnover Indicators Stabilize as the Future Evaluation of Households Improve
Bank of Latvia Lowers Deflation Forecast for 2010
Current Account Positive, Overall Balance of Exports and Imports Posts a Small Surplus
Riga welcomes 80 Latvia's Honorary Consuls from 49 countries
Money in Circulation Stabilized, Drop in Lending Abating
Shadow Economy Reduction Plan Offers to Facilitate Formal Economy
Beneficial Development Requires Purposeful Cooperation
Foreign Investors Council in Latvia adopts the statement of Good Corporate Citizenship
The meeting of the high level officials and the Foreign Investors' Council in Latvia
The World Bank Suggests Measures for Further Fiscal Consolidation
Moody’s has Raised Latvia’s Ratings Outlook
Moody’s Considers Latvian Economy Stabilising
Association of Latvian Commercial Banks Forecasts 3,2% Growth in 2011
Parex Index: the Mood of Entrepreneurs is Becoming More Stable
Latvia – Leader of Baltics on the EU Fund Acquisition
Latvia to Become Main Transit State for Shipping NATO Non-military Cargos to Afghanistan
An Annual Retail Turnover Increase for the First Time since 2008
By Latvian Institute
On September 30, the Central Statistical Bureau reported that retail turnover in August, by seasonally adjusted data, grew 1.0% month-on-month, which was a 4.6% increase year-on-year. The greatest annual increase was registered in the sales of textile products, household electrical goods as well as retail by post and used goods. The greatest drop in turnover was observed for the sales of audio and video recordings, cosmetics and toiletries as well as for retail in food shops. Including automobile sales in retail, the annual increase has reached 8.4% and monthly increase 1.8%.
The Finance Ministry commented: “It is very important that the economic recovery is now based not only on external but also on domestic demand as it was a precondition for full economic recovery and reduced the risks arising from total dependence on the changes in external environment”.
Igors Kasjanovs, Bank of Latvia Economist, said: “In the next few months the slight optimism in the retail industry is expected to dwindle [..]. Retailers expect a lesser number of orders in the next three months [..]. The drafting process of the 2011 budget may also bring adjustments to the mood of the population. Since the character of the consolidation measures is not known, both households and traders have assumed a wait-and-see position which is likely to be reflected in the retail trade data as early as the next few months.”
For further information see: http://www.csb.gov.lv/csp/events/?lng=en&mode=arh&period=09.2010&cc_cat=472&id=12038
