November 10, 2023
According to preliminary results by Statistics Austria, the Austrian retail sector (excluding the motor vehicle trade, including service stations) posted a nominal increase in turnover of 2.0% in the third quarter of 2023. However, inflation pushed retail turnover into negative territory: in real terms, turnover was 3.5% below the previous yearʼs level.
“High inflation is eroding growth in the retail sector: since the second quarter of 2022, inflation has consistently caused turnover to fall in real terms. In the third quarter of 2023, Austrian retail enterprises once again achieved slightly higher nominal turnover than in the third quarter of the previous year at +2.0%, but price-adjusted it was 3.5% lower than in the previous year,” says Statistics Austria Director General Tobias Thomas.
The retail trade in food, beverages and tobacco products generated a year-on-year increase in turnover of 8.3% in the third quarter 2023; in terms of sales volume, adjusted for inflation (real), turnover fell by 0.4%. Compared to the third quarter of the previous year, non-food trade was down both nominally (−2.0%) and in real terms (price-adjusted, −6.8%).
In the period January to September 2023, retail trade (excluding motor vehicle retailing; including service stations) recorded a year-on-year increase in turnover of 3.7%; in real terms (price-adjusted), this was a minus of 3.5%. The food, beverages and tobacco retail sector generated a year-on-year increase in turnover of 9.5% in the first nine months; in real terms, this represents a decline of 0.9%. Non-food retail recorded a 0.5% increase in turnover from January to September 2023 compared to the first nine months of 2022, in real terms (price-adjusted), this represents a drop of 5.8%.
Source: Statistics Austria
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