Australia: Retail sales moderate in March
May 5, 2011
In March, retail sales rose 2.1% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result was below the 3.5% increase recorded in February. On a month-on-month basis, retail sales dropped 0.5% over February, which contrasted the 0.8% increase recorded in the previous month and defied market expectations of a 0.5% rise. As a result of the March reading, annual average growth in retail sales inched down from 2.4% to 2.3% in February, confirming the virtually uninterrupted downward trend in place since March 2010.
Author: Armando Ciccarelli, Head of Data Solutions