Australia: Retail sales contract in February
April 3, 2017
Nominal retail sales in February contracted 0.1% month-on-month in seasonally adjusted terms, contrasting the 0.4% expansion in January. The drop was driven by lower household goods and department store sales, which offset gains in food retailing sales.
On a year-on-year basis, retail sales contracted 0.5% in February, contrasting the 2.2% expansion registered in January. Annual average growth in retail sales fell from 3.6% in January to 3.1% in February.
Author: Christopher Mc Innes, Economist