Australia: Retail sales pick up in May but undershoot expectations
July 3, 2013
In May, nominal retail sales rose 0.1% over April. The figure contrasted the 0.1% drop recorded in the previous month but was below market expectations of a 0.3% increase.
On an annual basis, retail sales experienced a 2.7% increase, which was unchanged from the result recorded in April. As a result, the trend now points downwards, as annual average growth in retail sales fell from 3.1% in April to 2.9% in May.
FocusEconomics Consensus Forecast panellists see private consumption growing 2.4% in 2013, which is unchanged from last month's forecast. For next year, the panel sees private consumption expanding 3.1%.
Author: Armando Ciccarelli, Head of Data Solutions