November retail sales in the Czech Republic soared by 8% in November compared with the same month in 2003. Figures were boosted by a large increase in sales at specialised stores selling clothing and footwear. These sectors saw an increase of 17.8% in the period. Car sales also showed significant improvement, rising 16.2% on the previous year’s figures.
The figures were well above forecasts, but analysts are wary of predicting a significant upward trend for the country’s economy as a whole. The increase has been attributed to healthy consumer demand in the run up to Christmas.
Although the Czech Republic’s GDP has risen since its entry into the European Union, it is still lagging behind the other former communist countries in the economic stakes, and needs to see more reports like those for November if it is to compete with its neighbouring countries.
