Ukraine retail sales speed up to 6% yoy growth in 8M20

Ukrainian retail sales accelerated to 6.0% yoy growth
in real terms in 8M20 from 4.2% yoy growth in 7M20, Ukraine’s State Statistics
Service reported on Sept. 21. In August, retail sales advanced 8.7% yoy (vs. 8.5%
yoy growth in July), and climbed 2.2% m/m in real terms.

Regionally, the highest retail growth in 8M20 occurred
in the Kyiv (15.0% yoy), Zaporizhzhia (13.3% yoy) and Chernihiv (11.8% yoy)
regions. The top losers were the Zakarpattia (-8.7% yoy) and Chernivtsi (-3.0%
yoy) regions.

Evgeniya Akhtyrko: Ukraine’s
retail sales have picked up quickly. This implies that the changes in the
disposable income of Ukrainians as a result of the coronavirus crisis have not
been significant enough to reduce their consumption behavior. The situation in
the regions where the retail sector suffered the most is also improving, and we
are likely to see retail growth in all regions in the nearest months.

The positive trends in trade might serve as the
single offsetting factor to the economic recession as the other major sectors
continue to languish.