Romania’s retail sales increased by 10.3% y\/y in September, according to data published by the statistics office INS. The growth was driven by the sales of non-food items (+18.3% y\/y), while the sales of food edged up by only 3.9% y\/y. The volume of services consumed by households advanced by 4.3% y\/y.<\/p>\n
For the entire year-to-date period, the retail sales’ annual advance was impressive as well: +8.4% y\/y.\u00a0<\/p>\n
The sales of non-food items, which indicate consumers’ confidence, strengthened by 14.2% y\/y. Food sales increased by 4.1% y\/y, while the volume of services consumed expanded by 3.6% y\/y.<\/p>\n
Consumption is growing very strongly, stimulated by increases in pensions and salaries. Pensions increased twice this year, the first time in January and the second time in September – cumulatively, there was a 40% increase in pensions – and this money went into consumption.<\/p>\n
The retail sales, which increased by strong rates in 2024 and Q3 as well, have not improved analysts’ expectations about the economic outlook in general.\u00a0<\/p>\n
The statistics office will publish next week the flash estimate on the evolution of the gross domestic product for the third quarter and the first nine months of the year.<\/p>\n
“We have a growth estimate for Q3 of 1% [y\/y], but it is possible that it will be lower,” commented Ionu\u0163 Dumitru, chief economist of Raiffeisen Bank.<\/p>\n