Australia: Yearly retail sales growth accelerates to fastest growth in almost six years
April 3, 2016
Nominal retail sales climbed 0.1% in February over the previous month in seasonally-adjusted terms, down from the 0.3% increase recorded in January. The figure surprised analysts on the downside, as they had expected a 0.4% increase. Retail volumes for clothing, footwear and personal accessory retailing as well as household goods retailing grew the most, while department stores and restaurants showed the weakest readings.
On a year-on-year basis, the pace of growth in retail sales accelerated from 3.2% in January to 6.8% in February, which marked the strongest expansion since November 2009. As a result, annual average growth in retail sales in February inched up from 4.2% in January to 4.4%.
Author: Robert Hill, Economist