November retail sales increased by 3.3% y/y, which is halfway between Patria’s forecast of 3.5% and market consensus of 3.1%. The overall growth was supported by spending on food, but also some specialized products e.g. electronics, furniture. This was mostly caused by the pre-Christmas sale promotions and increase in consumer credits. November motor vehicle sales slowed to 1.6% m/m in comparison to October’s 3.7% m/m and came as a little surprise; however on y/y comparison motor vehicles sales were up 4.4%.