Australia: Retail sales reach 18-month high in December
January 9, 2014
Nominal retail sales rose 0.5% over the previous month in seasonally-adjusted terms in December. The result, which came in slightly below the 0.7% rise recorded in November, was in line with market expectations.
On a year-on-year basis, the pace of expansion in retail sales rose from a 4.6% expansion in November to a 5.1% increase in December, marking the strongest jump since June 2012. Consequently, annual average growth in retail sales increased from 2.5% in November to 3.0% in December.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, the panel sees private consumption expanding 2.9%.