Retail sales, which had the most significant contribution to Romania’s GDP increase in recent years, increased by 2.2% year-on-year in 2020, according to data released on Thursday by the National Statistics Institute (INS). This was the weakest evolution since 2013, according to Ziarul Financiar.

Sales of food, beverages and tobacco rose at an annual rate of 5%, while the sales of non-food products went up by 5.6% in 2020. However, the sales of automotive fuel in specialized stores decreased by 8%.

In December, the retail sales were 3.4% higher than in the same month of 2019. Food sales were only 1.7% higher year-on-year, but non-food sales increased by 6.4%.

“The econometric estimates indicate the evolution of retail sales at a pace below potential for the eighth consecutive month in December, in the context of the transition to a new economic cycle after the health crisis,” commented Andrei Radulescu, Director of Macroeconomic Analysis at Banca Transilvania.

irina.marica@romania-insider.com

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