Retail trade in December 2015 increased 4.8 percent in real and 3.8% in nominal terms year on year, the national statistical office said on Thursday.
In November 2015, retail trade increased 3.2% year on year. The December 2015 increase was the highest jump since September 2007, when it stood at 7.2%. Last December was also the 17th consecutive month in which retail trade increased on the year, which had not been recorded since 2007, two years before a six-year recession.
Over 2015, retail trade grew 2.4% from 2014. Last year was the second straight year in which consumption went up. Over 2014, retail trade rose 0.5%, for the first time since 2009, the first recession year.
Analysts attribute last year’s consumption increase to low inflation, a fall in fuel prices, a record tourism season, positive trends on the labour market, and the income tax changes which resulted in higher net salaries.