Australia: Retail sales continue to rise in August
October 1, 2013
Nominal retail sales rose 0.4% over the previous month in seasonally-adjusted terms in August. The result, which came in above the 0.1% reading recorded in July, overshot market expectations of a 0.3% increase.
On a year-on-year basis, the pace of expansion in retail sales accelerated from a 2.3% increase in July to a 3.0% rise in August. At the same time, annual average growth in retail sales inched down from July's 2.5% to 2.4%.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.4% in 2013, which is unchanged from last month's forecast. For next year, the panel sees private consumption expanding 3.1%, which is down 0.1 percentage points from last month's estimate.