Finnish Trade Sector Sees Growth In Turnover In August
Finland’s trade sector has seen a 0.7% increase in working-day adjusted turnover in August 2020 compared to the same period last year, according to Statistics Finland.
The data also revealed that all areas of trade witnessed growth except wholesale, which according to Kaupan Liitto (the Finnish Commerce Federation) economist Bate Ismail, may face the worst times ahead.
The working day adjusted turnover in wholesale trade still decreased by 2.5% in August, while the sales volume of the industry grew by 0.9% compared to the same period in 2019.
The working-day adjusted turnover of total retail trade increased by 5.3% in August, with grocery trade witnessing an 8.5% growth.
Trade in department stores increased by 5.2% year-on-year, while net sales in specialty trade grew by 2.8%.
Ismail added, “Retail continues to grow thanks to grocery and department store sales. On the other hand, the situation in bookstores and clothing stores, for example, is still poor, and their turnover also fell by more than 10% in August.”
The working day adjusted turnover of the car trade rose by 1.9% in August. In contrast, the working day adjusted turnover of the wholesale trade decreased by 2.5%.
In the car trade segment, the working day adjusted turnover rose by 1.9% in August, while wholesale trade decreased by 2.5%.
“The deteriorating situation in industry and construction continues to weigh on wholesale. The decline in orders and the near-term outlook for construction reflect the fact that the worst may still lie ahead in wholesale,” Ismail stated.