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Friday, June 6, 2008

Romania Retail Sales April 2008

Romanian retail sales growth accelerated to the fastest pace in seven months in April as a lending boom and soaring wages continued to boost consumer spending. Sales rose an annual 26.6 percent, compared with 11.2 percent in March, according to the latest data from the Bucharest-based National Statistics Institute. Sales increased 15 percent on the month.

Wage increases accelerated to an annual 25 percent in April sparked by foreign investment and labor shortages since Romania joined the European Union in 2007. A lending boom, fueled partly by competition among banks, has pushed up household debt more than an annual 60 percent and given Romanians more disposable income.

The services industry, including retail sales, added 4 percentage points to economic growth in the first quarter, the institute said yesterday. That's almost half the 8.2 percent pace of growth, which is now the second fastest in the European Union after Slovakia.

The retail sales data released today doesn't include car sales and isn't adjusted for any difference in the number of working days.

In a separate release INSSE said that industrial output was up year on year in April by 13.3%.

While construction output was up 31.4% year on year in April 2008.

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