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Friday 10.04.2020 | Name days: Anita, Anitra, Zīle
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Economists: trade in 2012 worse than this year

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 Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

Next year will be less successful for trade than 2011, growth of retail trade will gradually slow down in the beginning of year. Besides, in the second half of 2012 a fall in trade amounts is possible, forecast economists.

Agnese Bicevska, economist of the Bank of Latvia:

After the fall in October it was expected to be the turning point for global events and Latvian finance, thus encouraging households to be more careful. As we can see, growth has started again.

Closure of JSC Latvijas Krajbanka and clamour around JSC Swedbank provoked cash removal from banks. In November within three days each JSC Latvijas Krajbanka client could take out 50 lats a day. Pay-out of guaranteed amounts was started on November 29, thus – two more days in November when much bigger amounts could be taken out. We should take into account that these events provoked insecurity about the bank system in general, consequently also clients of other banks could take out their savings and spend them more actively.

Edmunds Rudzitis, SEB bank expert in socio-economy:

Higher expenditure of residents may be explained with improvement of situation in labour market and decrease of unemployment rate, as well as unexpected decrease of household expenditure due to warm weather. According to information of Rigas Siltums, resident payments for heating were significantly lower (by 17%) than in October last year, in November by 6.3% less than in November 2010, besides, in December heating expenses will also be less than in December last year. Lower household expenses give positive impact on retail trade, as most residents spend this money for everyday or long-use products. Also tourists have given a positive impact on retail trade this year, as amount of money spent by them has increased.

It was already reported that, compared to October, according to seasonal data, total turnover of retail trade has increased by 1.9%.

Ref: 102.110.110.099


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