The Beirut Traders Association (BTA)-Fransabank retail index scored 58.9 for the first quarter of this year, showing a continued slowdown in the local retail market for two consecutive years. The index, prepared and published by the BTA and Fransabank, measures quarterly variations in the purchase value of goods in retail outlets. The baseline of the index is 100, as of the fourth quarter of 2011.

The index shows a seven percent decline, in comparison to the first quarter of 2013.

The main factors that have contributed to further deterioration of consumption are complications related to the election of a new President, and labor strikes. The market was also affected by the persisting absence of Gulf visitors.

The increase in unemployment, coupled with a decline in purchasing power, were also contributors to the slowdown, according t the report.

The index reported a decline of 25 percent in the value of sales of liquor and spirits, 15 percent in the sales value of tobacco, and 15 percent in the sales of footwear. Supermarkets also witnessed a drop of three percent.