New Zealand: Q1 retail sales show highest rate increase since Q4 2006
May 14, 2015
Retail sales expanded a seasonally-adjusted 2.7% in Q1 over the previous quarter. The reading was up from the 1.9% rise tallied in Q4 2014. The figure, which marked the largest gain since Q4 2006, significantly overshot market expectations of a 1.5% expansion.
According to the statistical office, all retail industries registered higher sales volumes in the last quarter. Q1’s expansion mainly reflected an increase in the electrical and electronic goods industry, which grew 8.9% quarter-on-quarter. In addition, sales at hardware stores, grocery stores and in the accommodation sector also tallied notable gains.
Compared to the same period last year, retail sales jumped from a 5.9% increase in Q4 2014 to a 7.4% expansion in Q1 2015, which marked the highest gain since Q3 2004.
Author: Eric Denis , Economist