Australia: Retail sales accelerate in February
March 31, 2011
In February, retail sales rose 3.5% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result was above the 1.2% increase recorded in January. On a month-on-month basis, retail sales rose 0.5% over January, which was above the 0.4% increase recorded in the previous month and beat market expectations of a 0.4% rise. As a result of the February reading, annual average growth in retail sales inched up to 2.4% from 2.3% in January, halting the virtually uninterrupted downward trend observed since March 2010.
Author: Armando Ciccarelli, Head of Data Solutions