Australia: Retail sales accelerate in November
January 9, 2014
Nominal retail sales rose 0.7% over the previous month in seasonally-adjusted terms in November 2013. The result, which came in above both the 0.5% rise recorded in October and market expectations of a 0.4% increase.
On a year-on-year basis, the pace of expansion in retail sales rose from a 4.4% increase in October to a 4.6% rise in November, marking the strongest jump since June 2012. In turn, annual average growth in retail sales mirrored October's 2.5%.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.7% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees private consumption expanding 2.9%.