Australia: Retail sales inch up in July
September 3, 2013
Nominal retail sales in July rose 0.1% over the previous month. While the result came in above the flat reading recorded in June, it undershot market expectations of a 0.4% increase.
On a year-on-year basis, the pace of expansion in retail sales accelerated from a 0.3% increase in June to a 2.3% rise in July. Meanwhile, annual average growth in retail sales was unchanged at June's 2.5%.
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%.
Author: Armando Ciccarelli, Head of Data Solutions