Retails sales growth in Türkiye sees slowdown in July
Date
9/12/2024 4:38:29 AM
(MENAFN) Türkiye's retail sales growth experienced a slowdown in July, according to the data released by the Turkish Statistical Institute (TurkStat) on Wednesday. The volume of retail trade increased by 0.8 percent on a month-to-month basis in July, a notable deceleration from the 1.7 percent rise observed in June. This indicates a cooling trend in the retail sector's performance, following a period of more robust growth earlier in the year.
During July, different categories of retail sales showed varied performances. Sales of food, drinks, and tobacco saw a modest increase of 0.2 percent, while non-food items experienced a more substantial rise of 2.1 percent. These figures reflect ongoing consumer spending patterns in specific sectors of the retail market. However, the automotive fuel sector faced a significant downturn, with sales dropping by 3.7 percent compared to the previous month. This decline represents the largest month-on-month drop in automotive fuel sales since August of the previous year.
When examining the retail sales on an annual basis, the data reveals a 5.4 percent increase in July. Although this represents growth, it is the slowest annual growth rate in two years. This deceleration highlights the challenges facing the retail sector and suggests a potential cooling of consumer spending relative to previous years.
Overall, the data points to a mixed picture for Türkiye's retail market, with some sectors showing resilience while others face declines. The slowdown in retail sales growth and the significant drop in automotive fuel sales may reflect broader economic factors and changing consumer behaviors, indicating a need for closer monitoring of future trends and economic conditions.
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