Retail Sales (YoY)

Retail is a volume of sales of goods and services to the final consumer for a certain period. Retail is included on the list of the most important macroeconomic indicators together with GDP, inflation and level of unemployment. The important role of retail is to be a leading indicator, which means, its dynamics serve as the base for the forecast of upcoming changes in the whole state of the economy. Retail includes all types of deals: via personal contacts, trade networks, internet, mail, etc. Often the retail is calculated separately for the nondurable (less than 3 years) and durable goods (more than 3 years). Core retail sales are also to be calculated separately; it doesn’t include the cars, fuel on filling stations, building materials and catering services. These sales categories are subject to the strongest fluctuations; therefore, they may not be taken into account in the overall retail sales indicator for a more accurate understanding of the economic situation.