September 12, 2014

In August, growth in retail sales increased 0.6% over the previous month, in nominal terms. The print came in above the 0.3% expansion recorded in July (previously reported: +0.0% month-on-month) and matched market expectations. It marked the strongest result since April. The increase was mainly driven by higher sales at miscellaneous stores, motor vehicle and parts dealers, and sporting goods stores. Sales at gasoline stations registered the only notable decline.



Retail sales excluding cars and gas—a closely watched subcategory of the retail trade index—increased 0.5% in August over the previous month. The reading came in above the 0.3% expansion recorded in July (previously reported: +0.1% month-on-month), and just beat market expectations of a 0.4% increase.



Retail sales rose 5.0% compared to the same month last year and came in above the 4.2% increase recorded in July. The annual trend was stable, with annual average growth in retail sales holding at July’s 3.7% in August.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 2.8% in 2014, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel sees private consumption increasing 2.9%.