Luxembourg recorded the highest monthly increase in retail trade among all EU countries in August, according to the European statistics agency Eurostat. The Grand Duchy saw retail trade volume increase by 5.3% in August over July, compared with 0.3% in the EU.
Although Luxembourg saw a 6% decline in July compared with June, the country’s retail sector has greatly outperformed the EU as measured by annual figures.
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In the past, Luxembourg’s statistics agency Statec has said that businesses focussed on non-resident customers account for a large portion of the growth in retail sales. Eurostat does not provide a breakdown for growth in sales for resident and non-resident customers.
For August this year, Luxembourg’s annual retail trade volume growth was 17%, while for the EU it stood at 0.8%. The Grand Duchy saw even higher growth for the month of May, growing at 20%, when the EU grew at 0.5%.
Other countries that saw higher than average annual retail growth were Romania (8.9%), Croatia and Cyprus (5.7%). The EU member states that saw decline were Estonia (-2.7%), Belgium (-1.7%), Denmark and Ireland (-1.6%).
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In the last year, the EU has seen growth in retail sales of nonfood products and automotive fuel. Food, drinks and tobacco sales have remained stagnant.
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Publish date : 2024-10-08 04:24:00
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