RIGA, July 29, 2024 — Latvia's retail sector witnessed a disconcerting decline in June, as retail sales dropped by 2.1% compared to the same month last year, according to the latest data released today. This sharp downturn follows a modest increase of 1.00% recorded in May 2024.
The data represents a significant shift from the previous month’s performance and suggests potential challenges for Latvia's economic recovery. In May, retail sales had managed to show growth in a year-over-year comparison, providing a glimmer of optimism. However, June's figures indicate a possible reversal in consumer spending trends, raising concerns among economists and market watchers.
The recent update, reflecting the changes up to June 2024, underscores the volatility in the retail sector amid broader economic pressures. Stakeholders will be closely monitoring subsequent reports to gauge if this decline marks a temporary setback or the beginning of a longer-term trend in Latvia's retail landscape.
