Summer shopping is off to a strong start with retail turnover surging 14% y-o-y in June, reports the State Statistics Service. The sales jump follows a 28% percent jump in consumer confidence in April and May, to 82.4 points, the pre-crisis levels of 2012-2013.
Overall, retail trade grew by 10% y-o-y in inflation-adjusted terms during the first half of this year, to about $20 billion. Consumer demand is a big driver of this year’s expected 3% GDP growth, fueled by 10% y-o-y real growth in salaries and strong flows of wage remittances from Ukrainians working in the EU.
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