December retail sales rose 15.5% year on year (November: +18.4% year on year). December results were the worst since October 2021. Judging by the details of the publication, sales of automobiles, motorcycles and parts fell more moderately in December, while sales of textiles, clothing and footwear grew at a weaker pace. At the same time, sales of furniture, radio, television and household appliances fell more rapidly.
Meanwhile, the CAGR of retail sales fell to 20.8% in December (Nov: +20.9%), signaling a deteriorating trend in the retail sector.
FocusEconomics Consensus Forecast experts predict that private consumption will grow by 4.3% in 2023, which is higher than last month’s forecast. In 2024, the group forecasts private consumption growth of 3.0%.