Australia: Retail sales rebound in March but undershoot expectations
June 3, 2013
In April, nominal retail sales rose 0.2% over March, which contrasted the 0.4% drop recorded in the previous month but was below market expectations of a 0.3% increase.
As a result of the monthly pick-up, retail sales accelerated from a 2.4% year-on-year increase in March to a 3.3% rise in April. Building on stronger annual growth, the trend now points upwards, as annual average growth in retail sales rose from 2.9% in March to 3.1% in April.
FocusEconomics Consensus Forecast panellists 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