Australia: Retail sales unchanged in June
August 5, 2013
Nominal retail sales in June were unchanged over the previous month. The result came in below the 0.2% rise recorded in May and undershot market expectations of a 0.4% increase.
On a year-on-year basis, the pace of expansion in retail sales decelerated from a 2.7% increase in May to a 0.3% rise in June. As a result of slower annual growth, the trend points downwards. Annual average growth in retail sales fell from 2.9% in May to 2.5% in June.
The Australian Bureau of Statistics (ABS) also released quarterly figures for retail trade in real terms. In the second quarter, retail trade was flat compared to the previous three-month period. The result came in short of the 2.0% rise in Q1 2013 but was broadly in line with market expectations of a 0.1% drop. 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