The Czech Statistical Office will publish the March results of retail sales

Update: 05.05.2023 00:07

Prague – The Czech Statistical Office (ČSÚ) will today publish information on how retail sales developed in March. In February, they fell year-on-year for the tenth month in a row. However, the decline slowed from January’s 6.8 percent to 6.4 percent. On a month-to-month basis, traders’ sales were down by 0.4 percent. According to analysts, a more significant growth in retail sales can probably be expected only next year, when real wages are likely to increase and fears of rising unemployment will subside.

According to the CZSO, sales for food in February fell by 7.6 percent year-on-year, and for non-food goods by 7.1 percent. On the contrary, sales of fuel increased by 0.3 percent compared to last year. Growth was recorded for the third month in a row, the CZSO reported. In a month-on-month comparison, sales for food fell by 1.8 percent, for non-food goods they rose by 0.2 percent, and for fuel they were higher by 1.5 percent.

“The outlook for the retail sector is not very optimistic. The decline in real wages will continue for the rest of this year. Real wages could only grow next year,” Deloitte economist Václav Franče told ČTK. Petr Dufek, Chief Economist of Creditas Bank, has a similar opinion. “Until the income situation of Czech households turns around and people improve in real terms, the retail sector will have a few leaner months ahead. However, it is a sales statistic, not margins or profits, so it does not have to say much about the real financial situation of traders,” said Dufek.