Australia: Retail sales report stronger-than-expected growth in January
March 5, 2013
In January, retail sales jumped 0.9% over December, which contrasted the 0.4% drop recorded in the previous month and exceeded market expectations of a 0.5% rise.
As a result of the stronger-than-expected reading, nominal retail sales accelerated from the 0.7% year-on-year increase recorded in December to a 4.2% rise in January, which marked the highest retail in five months. Meanwhile, annual average growth in retail sales inched up from 3.2% in December to 3.4% in January.
FocusEconomics Consensus Forecast panellists see private consumption growing 2.5% in 2013, which is unchanged from last month's forecast. Panellists see private consumption expanding 3.0% in 2014.
Author: Armando Ciccarelli, Head of Data Solutions