RIGA, Latvia – Latvian retail sales experienced a significant downturn in June 2024, dropping by 1.70% month-over-month, as reported on July 29, 2024. This sharp decline follows a modest increase of 0.30% in May 2024, according to data released by the country's statistics agency.
The shift represents a stark contrast to the growth observed in May, raising concerns about the robustness of consumer spending in Latvia. Economic analysts are now closely monitoring the underlying factors contributing to this downturn, including potential influences such as inflation, changes in consumer confidence, or seasonal adjustments.
June's drop in retail sales could signal challenges ahead for Latvia's economic recovery, as retail performance often serves as a critical indicator of broader economic health. Policymakers and business leaders alike will be looking for strategies to reinvigorate consumer demand and stabilize the retail sector in the coming months.
