“The purchasing power remains weak since a decline in official unemployment this year has been slower than expected and real official household income has been shrinking for three consecutive years. Hence in theory there are no reasons for the volumes of goods sold to grow strongly. Consequently, robust retail sales data shows that domestic consumption in Lithuania is partly supported by unofficial household income and the real purchasing power is bigger than shown by official statistics,” the bank said in a commentary.
The figures released by Statistics Lithuania implied that the growth of turnover was stable, the bank’s analysts said.
Lithuania’s retail sales totaled 2.23 billion litas (EUR 646.4 m) in May, up 7.2 percent from April and up 5.3 percent from May 2011, the statistics office reported on Wednesday citing provisional estimations.
2012-06-28 10:34
Growth of Lithuania’s retail sales supported by black economy
The growth of retail sales in Lithuania is supported by households’ income from black economy, analysts of Lithuania’s commercial bank DNB have said.
Lithuania’s retail sales totaled 2.23 billion litas (EUR 646.4 m) in May / Eriko Ovčarenkos/ dienraščio „15 minučių“ nuotr.
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