New Zealand Retail Q3 2016

New Zealand

New Zealand: Retail sales in Q3 eases from Q2's almost-ten-year high

November 22, 2016

Retail sales expanded a seasonally-adjusted 0.9% in Q3 2016 over the previous quarter, marking a slowdown from Q2’s almost ten-year high. The reading came in below the revised 2.2% increase registered in Q2 2016 (previously reported: +2.3% quarter-on-quarter) and matched analysts’ expectations of a 0.9% increase.

According to Statistics New Zealand, Q3’s slowdown was the result of slower growth in 11 of the 15 categories that compose the index. Non-store and commission-based retailing and clothing, footwear, and accessories were the components that dropped the most. Conversely, accommodation and motor vehicles and parts were the two categories that expanded the most in the third quarter.

Compared to the same quarter last year, retail sales slowed from a 6.0% increase in Q2 to a 5.1% expansion in Q3.

FocusEconomics Consensus forecast participants expect private consumption to expand 3.1% in 2017, which is unchanged from last month’s projection. For 2018, the panel sees private consumption increasing 2.7%.

Author: Jean-Philippe Pourcelot, Economist

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New Zealand Retail Chart

New Zealand Retail Q3 2016 0

Note: Quarter-on-quarter seasonally adjusted and annual variation of retail sales in %.
Source: Statistics New Zealand and FocusEconomics calculations.

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