New Zealand: Retail sales decelerate in Q3
November 14, 2013
Retail sales expanded a seasonally-adjusted 0.3% in Q3 over the preceding period. The reading fell short of both the revised 1.5% increase recorded in the second quarter (previously reported: +1.7% quarter-on-quarter) and market expectations of a 0.9% rise.
According to the statistical office, the print shows "mixed results this quarter." The contractions recorded in clothing, footwear, and accessories (Q3: -6.8% qoq) and in accommodation (Q3: -4.4% qoq), were offset by the increases in motor-vehicle and parts (Q3: +3.3% qoq) and in hardware, building, and garden supplies (Q3: +3.0% qoq).
Compared to the same quarter last year, retail sales accelerated from a 4.2% increase in Q2 quarter to a 4.7% expansion in Q3, which marks the fastest pace since Q2 2012. Annual average growth in retail sales inched up from 1.4% in Q2 to 1.5% in Q3.
FocusEconomics Consensus forecast participants expect private consumption to expand 3.3% this year, which is up 0.2 percentage points from last month's projection. For 2014, the panel sees private consumption increasing 2.8%, which is up 0.1 percentage points over last month's estimate.
Author: Ricardo Aceves, Senior Economist