New Zealand: Q2 retail sales show slowest increase in over three years
August 14, 2015
Retail sales expanded a seasonally-adjusted 0.1% in Q2 over the previous quarter. The reading was below the 2.3% rise tallied in Q1. The figure, which marked the slowest gain since Q1 2012, undershot market expectations of a 0.5% expansion.
According to the statistical institute, about half of retail industries registered lower sales volumes last quarter. Q2’s poor performance mainly reflected a decrease in the fuel retailing industry, which was down 0.9% quarter-on-quarter.
Compared to the same period last year, retail sales fell from a 7.4% increase in Q1 to a 5.9% expansion in Q2.
Author: Eric Denis , Economist