Retail sales expanded 0.8% in year-on-year terms in August, which contrasted July’s 3.2% decrease. Looking at the details of the release, August’s rebound was broad-based. Large chain stores and small chain stores activity gained steam , while single retail stores production contracted at a softer rate.
On a seasonally and calendar adjusted monthly basis, retail sales rebounded, rising 0.2% in August (July: -0.7% mom). Meanwhile, the trend improved, with the annual average growth of retail sales coming in at 0.2% in August, up from July’s 0.1%.
FocusEconomics Consensus Forecast panelists see private consumption growing 6.1% in 2022 and 2.7% in 2023.