Retail sales rose 1.4% y/y in October (September: +0.6% y/y). The print has been the best reading since May. The readings reflected an overall improvement, with activity in the Large Chain Stores, Individual Retail Stores and Small Chain Stores sub-sectors improving in October.
On a seasonally and calendar adjusted basis, retail sales grew at a faster pace of 0.4% in October (September: +0.3% mom). Meanwhile, CAGR in retail sales rose to 0.6% in October (September: +0.3%). This signals an improvement in the trend in the retail sector.
FocusEconomics Consensus Forecast experts forecast private consumption growth of 0.8% in 2023 and 2.0% in 2024.