Retail sales index increased by 8.6% in the last quarter of 2016

Retail sales in the economy of Albania grew at higher rates in the last quarter of 2016.

According to the Institute of Statistics, the index of retail sales rose by 8.6% on a year basis, marking the highest level in two years.

It seems that the difference compared with the previous quarters was reported by retail sales of hydrocarbons, which in the fourth quarter of 2016 increased by 10.6%.

Increased sales volumes in the hydrocarbons trade is attributed mainly to the tendency of gradual increase in fuel prices.

If we exclude trade of hydrocarbons from the index of retail, sales increased by 7.2%, a satisfactory level, but lower compared with the preceding quarters.

After oil, the main contributor to the growth of retail sales in the economy was by the group of non-food products, with an annual growth of 7.8%, while sales in the group of food products have slowed growth to 6.2%, whereas in the previous quarter the increase was nearly two times higher.

The steady growth in retail sales during the second half of 2015 and throughout 2016 is a clear signal of improving domestic demand and private sector consumption, in particular, which is the main driver of economic growth.

In particular, the increase in sales for non-food products is significant and it could be interpreted as a sign of an improving domestic demand in the economy for less necessary products.

SCAN

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