Romania July Retail Sales Decline At Fastest Pace In EU

Romanian July retail sales declined at the fastest pace in the EU, namely 10.5% on the month, while throughout the EU retail sales inched up 0.1% on the month, EU’s statistics agency Eurostat said Friday.

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The latest developments were caused by Government's austerity plan, which entailed raising the VAT from 19% to 25%.

Romanian retail sales rose 2.8% on the month in June, while EU sales rose 0.3%.

Among the 19 states for which the agency posted data, ten registered declines in retail sales, and nine posted increases. Thus, aside from Romania, the greatest declines were seen in Spain (3%) and Lithuania (1.4%). The widest increases were registered in Portugal (3%), Malta (2.9%) and France (2.2%).

Romanian retail sales dropped 8% on the year, the second fastest decline in the EU, after Lithuania (8.8%) and ahead of Bulgaria (4.8%). On the opposite pole, the greatest increases were noted in France (6.1%), Poland (5.2%) and Finland (4.5%). EU Retail sales widened by 0.1% compared to July 2009.

Euro zone retail sales rose by 0.1% on the month and 1.1% on the year.

According to data from Romania's statistics institute Eurostat, adjusted retail sales declined 10.5% on the month and 5.6% on the year.

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