Retail sales losing momentum
Retail sales losing momentum
The total revenue from retail trade and services hit US$89.6 billion during the first seven months of this year, up 9.4 per cent year-on-year, according to the General Statistics Office (GSO).
Excluding inflation, the increase would be 7.4 per cent, lower than the 8.3 per cent seen in the same period last year, GSO said.
The retail sales growth (inflation excluded) during the reviewed period was also lower than was recorded in January at 11 per cent; the first quarter at 7.9 per cent; the first four months at 8.3 per cent and the first five months at 7.8 per cent, GSO noted.
GSO statistician Vu Manh Ha blamed the period's unsatisfactory growth for the sluggish retail sales of accommodation, catering, tourism and entertainment services, which reached $11 billion or a yearly growth of only 7.5 per cent. Specifically, the remarkable revenue reductions were seen in some north central provinces due to influence of the mass fish deaths such as Nghe An and Ha Tinh with 17 per cent and 26.2 per cent, respectively.In a brighter spot, retail sales of goods, which accounted for more than 76 per cent of the total sales, reached $68.23 billion from January to July, surging 9.7 per cent against last year's corresponding period.
Retail revenue in some sectors saw large increases. Food and foodstuffs saw an increase of 12.9 per cent, household appliances rose 10 per cent, garments and textiles up 12 per cent and transport services increased 8.5 per cent.
Previously, GSO director Nguyen Bich Lam said that purchasing power this year would likely have a lower growth rate than last year because of the stability in prices, high supply and stable demand for most essential goods.
