According to the preliminary data released by Statistics Finland, the seasonally adjusted retail sales in June 2023 witnessed a decline of 2.8% compared to June 2022. Furthermore, the quantity of goods sold, with the effect of price changes removed, decreased by 0.3%.
Key Highlights:
- Overall Retail Sales Decline: The total seasonally adjusted retail sales experienced a downturn in June. This decline is a significant indicator of the current state of Finland’s retail sector.
- Seasonally Adjusted Sales Drop: The seasonally adjusted retail sales decreased by 2.1% in June 2023 when compared to May 2023. This indicates a slight downturn in retail activity during the summer months.
- Retail Sector Performance: In June 2023, the retail sector experienced a mixed performance. While there was an overall decrease in sales, the situation varied across different segments.
- Growth in Retail Trade: Despite the overall decline, vähittäiskaupan (retail trade) demonstrated a modest growth of 0.8% in June. This segment showed some resilience during the period.
- Challenges in Vähittäiskaupan: Although vähittäiskaupan witnessed an increase in työpäiväkorjattu liikevaihto (seasonally adjusted turnover), the myynnin määrä (quantity of goods sold) experienced a decrease of 3.3%. This suggests challenges within the retail trade sector.
- Päivittäistavarakaupan Performance: Päivittäistavarakaupan (daily consumer goods trade) demonstrated contrasting results. While the työpäiväkorjattu liikevaihto increased by 4.5%, the myynnin määrä decreased by 1.7% compared to the same period last year.
The retail sales performance in Finland remains a subject of interest for economists and policymakers as it reflects the consumer sentiment and overall economic conditions. The fluctuations in retail sales could have implications for the country’s economic growth and recovery trajectory.
It is important to monitor how the retail sector evolves in the coming months and what measures may be taken to stimulate consumer spending and bolster the economy. The Finnish government and businesses will be closely observing the trends to make informed decisions regarding economic policies and strategies.