Economic activity in the country continued to falter in the first quarter of the year as GDP fell by 0.6% compared with Q4 2012 and by 2.4% on Q1 2012. There was also not much change in retail sales fortunes, with growth turning negative again in May. Indeed, retail sales declined by 1.1% on the same period in 2012 as a result of a 1.8% decrease in non-food sales and a 0.1% fall in the food segment. There was however a divergence in performance between large and smaller operators, with the former recording growth of 0.3% and the latter seeing sales contract by 2.3%.
Source : Cushman & Wakefield