Retail sales 390 euros per inhabitant in December 2015

According to Statistics Estonia, in December 2015 compared to December 2014, the retail sales of goods of retail trade enterprises increased 10% at constant prices. While in November, the retail sales increased 6% compared to the same month of the previous year, in December the retail sales growth accelerated.

In December 2015, the retail sales of goods of retail trade enterprises were 510.7 million euros, which was about 390 euros per inhabitant.

The retail sales of stores selling manufactured goods accelerated in December. The retail sales of those stores increased 11% in November compared to the corresponding month of the previous year, whereas in December the growth was 18%. Sales increased in all economic activities. Sales increased the most (46%) in other specialised stores, such as stores selling computers and their accessories, books, sports equipment, games and toys etc. A higher than average increase in retail sales occurred also in retail sales via mail order or the Internet (30% growth) and in stores selling second-hand goods and in non-store retail sale (stalls, markets, direct sale) (29% growth). In December, the retail sales in stores selling household goods and appliances, hardware and building materials and the retail sales in stores selling textiles, clothing and footwear which showed a small decline in November, turned to rise again and grew 8% and 5%, respectively, compared to the same month of the previous year.

The growth in grocery stores, which decelerated in November, accelerated again in December and sales increased 3% compared to December 2014.

The retail sales of automotive fuel increased 9% at constant prices compared to December 2014.

In December compared to November 2015, the retail sales in retail trade enterprises increased 24% at constant prices. This is a usual rise in December, when the Christmas and turn-of-the-year sales take place.

In December, the turnover of retail trade enterprises was 584 million euros, out of which the retail sales of goods accounted for 87%. Compared to December 2014, the turnover increased by 7% at constant prices. Compared to the previous month, this indicator increased 20%.

According to preliminary data, the retail sales of retail trade enterprises were approximately 5.2 billion euros in 2015. Compared to 2014 the retail sales increased 8% at constant prices.

Diagram: Retail sales volume index of retail trade enterprises and its trend

The statistics are based on the questionnaire “Turnover”, the deadline of which was 15.01.2016, and on the VAT declaration data from the Estonian Tax and Customs Board. Statistics Estonia published the monthly summary in 9 working days.

As of 2016, Statistics Estonia will start using only the VAT declaration data of the Estonian Tax and Customs Board and stop collecting data with the questionnaire “Turnover”. This will reduce the response burden of entrepreneurs and Statistics Estonia’s expenditure on data collection, and increase the use of administrative data. Due to the change in the data source, the monthly news release “Retail trade” will focus on the turnover of retail trade enterprises, instead of the retail sales of such enterprises (the first news release for 2016, “Retail trade, January 2016”, will be published on 02.03.2016). Statistics Estonia will continue publishing the retail sales indicator of retail trade enterprises on a quarterly and yearly basis.

Source: Statistics Estonia

Iconic Balti Jaam market goes under renovation

The iconic Balti Jaam market, named after Tallinn’s central railway station next door, will move to a new location until spring 2017, when renovation work on the old site should be complete.

The outdoor market will close on January 1 and reopen at the beginning of February at Telliskivi 62, a few hundred meters away from the current location. An outdoor food court is also planned next to the location. As part of the food court project, an old train carriage will be turned into a dining car.

Head of the Balti Jaam market, Andres Rjabov, said the limestone walls will be kept intact but a roof will be built over the currently open-air market. The new market will have three stories and an underground floor.

He said much will remain the same, such as the sale of fruits, vegetables, clothes and antiques, but improvements will also be made, such as the addition of a beer hall and modern street food stalls.

By spring of 2017, a new modern market complex should be complete.

The market is popular among tourists and locals alike, having seen very little renovation work since the Soviet period. Besides vegetables, fruit and other food, one can also buy Soviet-era antiques.

Source: ERR via Estonian Review

 

The retail sales growth decelerated to some extent

According to Statistics Estonia, in November 2015 compared to November 2014, the retail sales of goods of retail trade enterprises increased 6% at constant prices. In October, the retail sales increased 8% compared to the same month of the previous year, whereas in November the retail sales growth decelerated to some extent.

In November 2015, the retail sales of goods of retail trade enterprises were 417.7 million euros, which was 318 euros per inhabitant.

The retail sales of stores selling manufactured goods increased 11% compared to November 2014. Sales increased in most economic activities. Only the retail sales in stores selling household goods and appliances, hardware and building materials were 2% smaller than in November of the previous year and the retail sales in stores selling textiles, clothing and footwear stayed at the same level as in November 2014. Sales increased the most (37%) in other specialised stores, such as stores selling computers and their accessories, stationery, books, sports equipment, games and toys etc. A higher than average increase in retail sales occurred in retail sales via mail order or the Internet (30% growth) and in stores selling second-hand goods and in non-store retail sale (stalls, markets, direct sale) (26% growth). In November, the retail sales increased also in non-specialised stores selling predominantly industrial goods (i.e. department stores) (7% growth) and in stores selling pharmaceutical goods and cosmetics (5% growth).

In grocery stores, the retail sales growth decelerated significantly in November. While in October the retail sales of those stores increased 4% compared to the same month of the previous year, then in November the growth was 1%.

The retail sales of automotive fuel increased 8% at constant prices compared to November 2014.

In November compared to October 2015, the retail sales in retail trade enterprises decreased 6% at constant prices. According to the seasonally and working-day adjusted data, the decrease was 1%. During the eleven months (January–November) of 2015, the retail sales in retail trade enterprises increased 8% at constant prices compared to the corresponding period of 2014.

In November, the turnover of retail trade enterprises was 488.4 million euros, out of which the retail sales of goods accounted for about 86%. Compared to November 2014, the turnover increased by 2% at constant prices. Compared to the previous month, this indicator decreased 6%.

The statistics are based on the questionnaire “Turnover”, the deadline of which was 15.12.2015, and on the VAT declaration data from the Estonian Tax and Customs Board. Statistics Estonia published the monthly summary in 10 working days.

As of 2016, Statistics Estonia will start using only the VAT declaration data of the Estonian Tax and Customs Board and stop collecting data with the questionnaire “Turnover”. This will reduce the response burden of entrepreneurs and Statistics Estonia’s expenditure on data collection, and increase the use of administrative data. Due to the change in the data source, the monthly news release “Retail trade” will focus on the turnover of retail trade enterprises, instead of the retail sales of such enterprises (the first news release for 2016, “Retail trade, January 2016”, will be published on 02.03.2016). Statistics Estonia will continue publishing the retail sales indicator of retail trade enterprises on a quarterly and yearly basis.

Source: Statistics Estonia

Average Estonian spent 337 euros on retail products in October

According to Statistics Estonia, in October 2015 compared to October of the previous year, the retail sales of goods of retail trade enterprises increased 8% at constant prices.

In October 2015, the retail sales of goods of retail trade enterprises were 442.7 million euros, which was 337 euros per inhabitant.

The retail sales growth in stores selling manufactured goods slowed down slightly in October. The retail sales of those stores increased 16% in September compared to the corresponding month of the previous year, whereas in October the increase was 12%. Sales increased in most economic activities. Only the retail sales in stores selling pharmaceutical goods and cosmetics were one percent smaller than in October of the previous year. In October, sales increased the most (39%) in other specialised stores, such as stores selling computers and their accessories, stationery, books, sports equipment, games and toys etc. A higher than average increase in retail sales occurred also in stores selling second-hand goods and in non-store retail sale (stalls, markets, direct sale) (33% growth) and in retail sales via mail order or the Internet (30% growth).

In grocery stores, the retail sales growth continued to accelerate in October. While in August the retail sales of those stores increased 2% compared to the same month of the previous year and in September 3%, then in October the growth amounted to 4%. The accelerated growth in the retail sales of grocery stores was partly influenced by the discount sales campaigns that took place in October.

The retail sales of automotive fuel increased 11% at constant prices compared to October 2014, which was significantly faster growth than in September. The fast growth in the retail sales of automotive fuel was influenced by the prices of automotive fuel which were 19.4% cheaper than last year.

Compared to the previous month, in October, the retail sales in retail trade enterprises increased 6% at constant prices. According to the seasonally and working-day adjusted data, the growth was 1%. During the ten months (January–October) of 2015, the retail sales in retail trade enterprises increased 8% at constant prices compared to the corresponding period of the previous year.

In October, the turnover of retail trade enterprises was 520.7 million euros, out of which the retail sales of goods accounted for 85%. Compared to October 2014, the turnover increased by 6% at constant prices. Compared to the previous month, this indicator increased 5%.

Diagram: Retail sales volume index of retail trade enterprises and its trend

The statistics are based on the questionnaire “Turnover”, the deadline of which was 15.11.2015, and on the VAT declaration data from the Estonian Tax and Customs Board. Statistics Estonia published the monthly summary in 11 working days.

As of 2016, Statistics Estonia will start using only the VAT declaration data of the Estonian Tax and Customs Board and stop collecting data with the questionnaire “Turnover”. This will reduce the response burden of entrepreneurs and Statistics Estonia’s expenditure on data collection, and increase the use of administrative data. Due to the change in the data source, the monthly news release “Retail trade” will focus on the turnover of retail trade enterprises, instead of the retail sales of such enterprises (the first news release for 2016, “Retail trade, January 2016”, will be published on 02.03.2016). Statistics Estonia will continue publishing the retail sales indicator of retail trade enterprises on a quarterly and yearly basis.

Source: Statistics Estonia

Service prices rose but the overall price level continues to decline

  • Prices were down because of the broad-based fall in energy prices
  • Prices will stop falling in the next few months
  • Inflation in the euro area is below expectations as commodities prices continue to slide
  • Declining prices for a year and a half have dampened the price expectations of companies

Data from Statistics Estonia show that consumer prices were 0.1% higher in October than in September, while the drop in prices over the year was down to 0.6%. The average price level in the euro area was no different from the level of last October.

Prices were down because of the broad-based fall in energy prices as motor fuels, heating energy and electricity all became cheaper. The drop in the electricity price was the smallest seen in the past two years. Lower prices for food, particularly dairy and meat products, had a major impact on the fall in prices but core inflation, which is inflation in the consumer basket without energy and food, rose to 1.4% in October. Prices for services were up 3.2%, or over 4% if the effect of free higher education is excluded, meaning that service price inflation was three times higher than the 1.3% recorded in the rest of the euro area. Manufactured goods were 0.3% down in price at the same time, indicating that the effect of the depreciation of the euro has not yet passed into consumer prices.

Year on year inflation will start to draw on a low comparison base from November, and so it may be supposed that prices will stop falling in the coming months and that inflation will start to pick up gradually at the start of next year. The effect of the comparison base is large for both energy and food because the sharpest fall in the oil price came at the start of 2015. At this time food prices started to be affected strongly by the Russian import ban.

As the rise in prices of the main commodities has been postponed and growth in large countries is fragile, inflation has been lower in the euro area than was forecast. Although short-term inflation expectations have come down a little in recent months, long-term expectations for inflation remain unchanged at 1.9%. Declining prices for around a year and a half have dampened the price expectations of Estonian consumers and companies. Data from the Estonian Institute of Economic Research show that companies in manufacturing and trade expect inflation to be even lower than usual in the coming months. Eesti Pank will publish a new economic forecast, including an inflation forecast on 9 December.

Source: Bank of Estonia

Author: Rasmus Kattai, Economist at Eesti Pank

Stable growth in retail sales

According to Statistics Estonia, in September 2015 compared to September of the previous year, the retail sales of goods of retail trade enterprises increased 9% at constant prices. In the last four months, retail sales have been increasing steadily by 8–9% compared to the same month of the previous year.

In September 2015, the retail sales of goods of retail trade enterprises were 422.4 million euros, which was 322 euros per inhabitant.

The retail sales of stores selling manufactured goods increased 17% compared to September 2014. Sales increased in all economic activities. The retail sales of other specialised stores, such as stores selling computers and their accessories, stationery, books, sports equipment, games and toys, flowers, plants etc., increased the most (42% growth). A higher than average increase in retail sales occurred also in stores selling second-hand goods and in non-store retail sale (stalls, markets, direct sale) (38% growth), and in retail sales via mail order or the Internet (37% growth).

In grocery stores, the retail sales growth continued to accelerate. While in July the retail sales of those stores increased by 2% compared to the same month of the previous year and in August by 3%, then in September the growth amounted to 4%.

The retail sales of automotive fuel increased 6% at constant prices compared to September 2014.

Compared to the previous month, in September, the retail sales of retail trade enterprises decreased 7% at constant prices. According to the seasonally and working-day adjusted data, however, retail sales increased 1% compared to the previous month. During the nine months (January–September) of 2015, the retail sales of retail trade enterprises increased 8% at constant prices compared to the corresponding period of the previous year.

In September, the turnover of retail trade enterprises was 498.3 million euros, out of which the retail sales of goods accounted for 85%. Compared to September 2014, the turnover increased by 4% at constant prices. Compared to the previous month, this indicator decreased 6%.

Diagram: Retail sales volume index of retail trade enterprises and its trend

The statistics are based on the questionnaire “Turnover”, the deadline of which was 15.10.2015, and on the VAT declaration data from the Estonian Tax and Customs Board. Statistics Estonia published the monthly summary in 10 working days.

Source: Statistics Estonia

The growth in retail sales decelerated slightly

According to Statistics Estonia, in August 2015 compared to August of the previous year, the retail sales of goods of retail trade enterprises increased 8% at constant prices. In July, the retail sales increased 9% compared to the same month of the previous year, whereas in August the retail sales growth decelerated slightly.

In August 2015, the retail sales of goods of retail trade enterprises were 454.8 million euros, which was 346 euros per inhabitant.

The retail sales growth in stores selling manufactured goods slowed down markedly in August. The retail sales of those stores increased 23% in July compared to the corresponding month of the previous year, whereas in August the increase was 15%. Sales increased in all economic activities. The retail sales via mail order or the Internet increased the most, with sales increasing 40% compared to the same month of the previous year. A higher than average increase in retail sales occurred also in other specialised stores, such as stores selling computers and their accessories, photography supplies, books, sports equipment, games and toys, flowers, plants etc. (36% growth) and in stores selling second-hand goods and in non-store retail sale (stalls, markets, direct sale) (19% growth).

The retail sales in grocery stores increased 3% compared to August 2014.

The retail sales of automotive fuel increased 9% at constant prices compared to August of the previous year, which was a significantly faster growth than in July. The acceleration in the growth in the retail sales of automotive fuel was partly influenced by the acceleration in the price decrease of automotive fuel. In July of this year the annual price decrease of automotive fuel was 11.6%, while in August it was 14.4%.

Compared to the previous month, in August, the retail sales in retail trade enterprises decreased 4% at constant prices. According to the seasonally and working-day adjusted data, the decrease was 1%. During the eight months (January–August) of 2015, the retail sales in retail trade enterprises increased 8% at constant prices compared to the corresponding period of the previous year.

In August, the turnover of retail trade enterprises was 529.2 million euros, out of which the retail sales of goods accounted for 86%. Compared to August 2014, the turnover increased by 5% at constant prices. Compared to the previous month, this indicator decreased 5%.Diagram: Retail sales volume index of retail trade enterprises and its trend

The statistics are based on the questionnaire “Turnover”, the deadline of which was 15.09.2015, and on the VAT declaration data from the Estonian Tax and Customs Board. Statistics Estonia published the monthly summary in 11 working days.

Source: Statistics Estonia

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