New Zealand: Retail sales pick up in Q2 on the back of the motor-vehicle industry
August 14, 2014
Retail sales expanded a seasonally-adjusted 1.2% over the previous quarter in Q2. The reading was up from the 0.8% increase tallied in Q1 and slightly exceeded market expectations of a 1.0% expansion.
According to the statistical office, 11 of the 15 retail industries had higher sales volumes in this latest quarter. Q2’s expansion mainly reflected that an increase in motor-vehicle and parts (Q2: +3.6% quarter-on-quarter) and in food and beverage services (Q2: +2.7% qoq) more than offset a decline in fuel retailing (Q2: -3.3% qoq).
Compared to the same period of the previous year, retail sales edged down from a 3.8% increase in Q1 to a 3.6% expansion in Q2, which marked the lowest annual gain since Q1 2013.