Australia Retail February 2016

Australia

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%.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, the panel sees private consumption expanding 2.7%.


Author:, Economist

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Australia Retail February 2016

Note: Month-on-month seasonally adjusted changes and annual average variation of retail sales index in %.
Source: Australia Bureau of Statistics and FocusEconomics calculations.


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