Romania posted the second largest increase in retail trade turnover in the world, according to a ranking made by The Economist.

The growth of over 8% places Romania behind Vietnam. The Asian country saw a 10% annual increase in its retail sales. Algeria ranks third, with a growth of almost 8%, followed by China (7.8%) and India (6.5%), reports local Economica.net.

Romania reduced the VAT from 24% to 9% last year, which gave consumption a strong boost.

Venezuela, Azerbaijan and Ukraine reported the steepest drops in retail sales.

editor@romania-insider.com