Taking into account the low base in March 2023 and the increase in the purchasing power of the population, in March 2024 the retail sales turnover showed an increase. During the year, the total turnover of retail enterprises in comparable prices increased by 2.2% (according to unadjusted data). The increase in the volume of retail sales was also observed on a monthly basis. In March, compared to February, retail turnover increased by 1% (seasonally adjusted data).
During the year, the retail turnover of food products and fuel increased, while the retail turnover of non-food products remained unchanged.
In March non-food items retail turnover remained at the level of March of the previous year. The fastest increase in turnover, similar to February, was in the trade of clothes, shoes and leather products (by 25.8%) and in the trade of flowers, plants, seeds, fertilizers, pets and their feed (by 21.7%). A more moderate increase was observed in the trade of information and communication technology equipment (by 8.5%), in the retail trade of sporting goods and games (by 5.8%) and in the trade of cosmetics and toiletries (by 4.1%). On the other hand, the retail turnover in March, compared to the corresponding period of the previous year, decreased sharply in the trade of textiles, carpets, floor coverings, wallpapers, furniture, lighting devices and other types of household accessories (by 19.3%), in the retail trade of watches, jewelery and new goods not classified elsewhere ( by 15.3%) and in the trade of books, newspapers, stationery, audio and video recordings (by 14.4%). There was a more moderate decline in the retail trade of household electrical appliances (by 6.3%), in the trade of pharmaceutical medical supplies (by 1.5%) and in the retail trade of metal products, tools, building materials and plumbing (by 1.4%).
In the breakdown by trading places, a sharp drop in turnover in March, compared to the corresponding period of the previous year, continued in retail trade in stalls and markets (by 9.4%) and in other retail trade outside shops, stalls and markets – by 11.6%. After the increase in February, in March the turnover also decreased in retail sales by mail or on the Internet (by 6.3%).
Food products retail sales grew by 3.4% year-on-year in March and was the fastest increase since January 2022, largely due to the low base in March 2023, when retail sales of food fell by 11.7%.
Fuels retail turnover at gas stations in March increased by 6.2% compared to March 2023, which was also determined by the low base in March of the previous year, when retail turnover for fuel decreased by 5.9%.
In general, this year in January-March, retail sales turnover was 0.9% higher than in January-March 2023, which was largely determined by the increase in fuel retail sales turnover by 4.8%. Retail sales of both food and non-food goods remained practically unchanged – an increase of 0.1%.
In the future, it is expected that the activity of buyers will gradually increase. The increase in wages, which currently exceeds inflation, will ease the financial situation of households and contribute to an increase in purchasing power. Although the price level of food products still remains high, the rapid rise in their prices has stopped, as well as the prices of energy resources related to housing have significantly decreased, which will positively affect the turnover of retail trade.
Ministry of Economics
