Retail sales rose 15.4% y/y in June (May: +2.9% y/y). The report marks the best result since April 2021. Growth in June was mainly due to growth in sales of food, beverages and tobacco, as well as automobiles, parts and accessories. Conversely, sales of cultural and recreational goods declined, and sales of information and communications equipment fell more sharply than in the previous month.
Meanwhile, the CAGR of retail sales rose to 7.2% in June (+6.1% in May). This indicates an improvement in the trend in the retail sector.
Participants in the FocusEconomics Consensus Forecast forecast that private consumption will grow by 5.0% in 2022, up 0.2 percentage points from last month’s forecast. In 2023, experts predict an increase in private consumption by 5.1%.