RIGA: Retail trade picked up in Latvia last year, showing a 4.9 percent growth in constant prices compared to 2014, according to calendar-adjusted data released by the national statistics office on Friday.
Food retailers reported a 2.8 percent sales increase and non-food retailers saw their sales rise 6.3 percent year-on-year in 2015.
Bank of Latvia’s economist Daina Paula said retail trade had been one of the main drivers of Latvia’s economic growth last year and described the sector’s performance in 2015 as “respectable.”
In 2015, retail growth was driven primarily by sales of fuel, furniture and household equipment, she added, noting furniture sales probably quickened thanks to increased activity on the real estate market.
Food sales grew at a slower pace last year than in 2014. In that segment, consumption is unlikely to increase this year, the economist said.
