Retail sales grew 18.4% in year-on-year terms in November, which was above October’s 18.3% increase. Looking at the details of the release, motor vehicles, motorcycles and parts sales dived in November, while textiles, clothing and footwear sales gathered steam. Meanwhile, furniture, radio, tV and household appliances sales dropped at a more pronounced rate.
Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 20.9%, down from October’s 21.1%.
FocusEconomics Consensus Forecast panelists see private consumption growing 4.3% in 2023, which is from last month’s forecast. For 2024, the panel sees private consumption expanding 3.0%.