In the first quarter, retail sales dropped a seasonally adjusted 1.5% over the previous quarter, which contrasted the revised 1.8% increase observed in the fourth quarter (previously reported: +2.2% quarter-on-quarter). The first quarter contraction was worse than market analysts' expectations, which had anticipated retail sales to decline 1.0%. Compared to the same period last year, retail sales decelerated from a 6.4% increase in the fourth quarter to a 3.4% expansion in the first. According to the National Statistics Office, retail sales dropped in Q1, following a boost from the Rugby World Cup in the previous two quarters. That said, the quarterly contraction mainly reflected declines in core retail sales (which exclude vehicle-related sales), particularly in sales of supermarket and groceries stores, accommodation as well as department stores
New Zealand Retail
Retail sales contract in first quarter following Rugby World Cup boost
May 14, 2012
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Note: Quarter-on-quarter seasonally adjusted and annual variation of retail sales in %.
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.