Retail sales in July 2022 increased 3.3 percent year-on-year, posting growth for the 18th consecutive month, state agency Hina said on Tuesday, citing publicly available data released by the national statistics bureau.

The total “seasonally- and working-day-adjusted deflated retail trade turnover” was 0.2 percent higher in real terms than in June 2022. Compared to July 2021, retail trade turnover increased by 3.3 percent. Retail turnover growth in July was slower than in June, when it increased by 3.8 percent.

In July the retail trade turnover of food, beverages and tobacco increased by 1.2 percent, while the retail trade turnover of non-food products (except automotive fuels and lubricants) increased by 3.4 percent. In the first seven months of 2022, the working-day adjusted retail trade turnover increased by 3.4 percent in real terms from the same period last year.

The growth of consumption in July “signals the continuation of economic growth in the third quarter,” Hina opined.

Last week the national statistics bureau said that the GDP grew 7.7 percent in Q2 2022, in the fifth consecutive quarter with positive growth, mainly due to a strong increase in spending.

Analysts cited by Hina said that “the base effect and strong global uncertainty” are “certain to slow down the dynamic of positive changes in the retail sector.”

“Consumption has been affected also by a strong perception of inflation, which is under the strong influence of food and energy prices,” the analysts noted, adding that “favourable labor market trends, with moderate employment growth, and unemployment decline,” are continuing.

They said they expected “good tourism results” and a double-digit rate of growth of both “physical and financial indicators,” which, they say, “will have a positive impact on consumption.”