New Zealand: Retail sales pick up in Q3
November 17, 2014
Retail sales expanded a seasonally-adjusted 1.5% over the previous quarter in Q3. The reading was up from the 1.1% increase tallied in Q2 and exceeded market expectations of a 0.8% expansion.
According to the statistical office, 12 of the 15 retail industries registered higher sales volumes in this latest quarter. Q3’s expansion mainly reflected an increase in food-related industries. Sales volumes for supermarkets and grocery stores rose 1.9%, while food and beverage services increased 3.0% in Q3.
Compared to the same period last year, retail sales jumped from a 3.6% increase in Q2 to a 4.7% expansion in Q3, which marked the highest gain since Q3 2013.
Author: Cecilia Simkievich, Economist