Retail trade sales increased by 2.7% year on year (y/y) in September after increasing by a slightly revised 4% (3.9%) year on year in August. The 2.7% was the slowest growth rate since May this year.
The main contributors to the 2.7% increase were general dealers who contributed 1.7 percentage points, and retailers in textiles, clothing, footwear and leather goods who contributed 0.6 of a percentage point.
Consumers usually shift their spending to cheaper items during tough economic times, which explains the growth in general dealers and retailers in textiles and clothing.
Over-indebtedness, rising inflation and interest rates and higher electricity costs are weighing on the disposable incomes of consumers.
Seasonally adjusted retail trade sales fell 1.9% month on month in September following month-on-month changes of 1.8% in August and 0.2% in July 2015.
Seasonally adjusted retail trade sales increased 1% in the third quarter of 2015 compared with the previous quarter, and rose 3.3% in the third quarter of 2015 compared with the third quarter of 2014.
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