Australia: Retail sales hit seven-month high in September
November 4, 2013
Nominal retail sales rose 0.8% over the previous month in seasonally-adjusted terms in September. The result, which came in above the 0.5% reading recorded in August (previously reported: 0.4%) and overshot market expectations of a 0.4% increase, marked the largest expansion in seven months.
On a year-on-year basis, the pace of expansion in retail sales edged down from a 3.0% increase in August to a 2.3% rise in September. At the same time, annual average growth in retail sales inched down from August's 2.4% to 2.3%.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.1% in 2013, which is down 0.1 percentage points from last month's forecast. For next year, the panel sees private consumption expanding 2.7%, which is also down 0.1 percentage points from last month's estimate.