Australia: Expansion in retail sales moderates further in March
May 7, 2014
Nominal retail sales rose 0.1% over the previous month in seasonally-adjusted terms in March, which came in below the 0.3% increase recorded in February. The print marked the slowest monthly expansion since April 2013 and fell short of market expectations of a 0.4% rise.
On a year-on-year basis, the pace of growth in retail sales eased from the revised 5.0% increase tallied in February (previously reported: +4.9% year-on-year) to a 4.4% increase in March. Despite the deceleration, annual average growth in retail sales inched up from 3.7% in February to 3.8% in March, which marked the highest average since May 2010.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees private consumption expanding 2.9%.