New Zealand: Retail sales expand at fastest pace in six years
February 15, 2013
In the fourth quarter, retail sales increased a seasonally adjusted 2.1% over the previous quarter, which contrasted the 0.2% drop observed in Q3. The expansion represents the strongest increase since the fourth quarter of 2006 and exceeded market expectations that had sales growing 1.1%. Compared to the same period the previous year, retail sales picked up from a 2.2% increase in Q3 to a 3.3% expansion in Q4.
According to the statistical office, the expansion in Q4 was "the second large increase in a row for the hardware, building, and garden supplies industry, which was again boosted by stronger-than-usual sales in Canterbury".
Author: Ricardo Aceves, Senior Economist