GDP is estimated to have grown by 0.1% quarter-on-quarter in Q4 2012. However, retail sales declined for the second quarter in a row. Sales volumes (working day adjusted, excluding motor vehicles, motorcycles and fuel) declined 0.9% in February over the previous month and decreased 3.3% over the same month in the previous year. In respect to monthly changes, only ‘Retail sales via mail order houses or via Internet’ saw an increase (1.9%). Consumer spending remained in positive territory in Q4 2012, but is coming under pressure from rising unemployment.
Source : Cushman & Wakefield