Australia: Retail sales expand at fastest pace in nearly a year in January
June 3, 2014
Nominal retail sales rose 1.2% over the previous month in seasonally-adjusted terms in January, which came in above the revised 0.7% increase recorded in December (previously reported: +0.5% month-on-month). The print marked the strongest monthly expansion since February 2013 and overshot market expectations of a 0.4% rise. On a year-on-year basis, the pace of growth in retail sales rose from a 5.1% increase in December to a 6.8% increase in January, marking the fastest rise since November 2009. Consequently, annual average growth in retail sales increased from 3.0% in December to 3.2% in January. 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%.