New Zealand: Growth in retail sales accelerates in Q2 to almost-ten-year high
August 12, 2016
Retail sales expanded a seasonally-adjusted 2.3% in Q2 2016 over the previous quarter, marking the sharpest expansion since Q4 2006. The reading came in above the revised 1.0% increase registered in Q1 2016 (previously reported: +0.8% quarter-on-quarter) and overshot the 1.4% increase the markets had expected.
According to Statistics New Zealand, Q2’s increase was the result of higher sales in 12 of the 15 categories that compose the index. The largest increases were reported in the hardware, building, and garden supply component as well as in the motor vehicle and parts retailing. Conversely, fuel retailing and recreational goods were the two components that reported the largest drops.
Compared to the same quarter last year, retail sales increased from a revised 4.9% in Q1 (previously reported: +4.8% year-on-year), to a stronger 6.0% expansion in Q2.