Statistics Poland: retail sales in March lower than expected

"In March 2023 retail sales at constant prices were by 7.3% lower than the year before (against an increase of 9.6% in March 2022)" - Statistics Poland announced on Monday.

"Compared with February 2023 an increase by 14.0% in retail sales was recorded. In the period of January-March 2023 sales decreased y/y by 3.5% (in 2022 a growth of 9.0%)."

Economy experts surveyed by PAP Biznes expected a 5.6% increase in retail prices at constant prices in March 2023, and a 15.9% increase compared to the previous month.

When it comes to current prices, the experts expected a 8.5% increase year on year.

"In March 2023, the largest decrease in retail sales (at constant prices) compared with the corresponding period of 2022 was maintained in units trading in solid, liquid and gaseous fuels (by 20.7% against an increase of 15.5% the year before)" - Statistics Poland said.

Furthermore, sales also declined significantly in the following groups: "others" (by 18.5%), "newspapers, books, other sale in specialized stores" (by 17.8%), "furniture, radio, TV and household appliances" (by 15.2%). In the group "food, beverages and tobacco products" the drop was the same as in the previous month (by 4.6%). Among the presented groups, an increase in sales was reported only by entities classified in the group "textiles, clothing, footwear" (by 1.7%).

"In March compared with February 2023, a growth in retail sales value via Internet at current prices was recorded (by 14.7%). The share of sales via Internet in 'total' sales decreased from 8.7% in February to 8.6% in March 2023. Among the presented groups with a significant share of sales via Internet a decrease in share was reported by enterprises classified in the group 'newspapers, books, other sale in specialized stores' (from 26.3% a month ago to 25.6%)," we read.

"On the other hand, an increase in sales was noted by entities from the groups 'textiles, clothing, footwear' (from 22.1% to 23.0% respectively) and 'furniture, radio, TV and household appliances' (from 17.9% to 18.0%)."

After eliminating the seasonal factors, retail sales at constant prices in March 2023 were by 1.3% lower compared with February 2023" - the stats office added.