Australia: Retail sales rise above expectations in February
April 4, 2013
In February, retail sales jumped 1.3% over January, which was up from the 1.2% rise recorded in the previous month and exceeded market expectations of a 0.3% rise.
Despite the stronger-than-expected reading, nominal retail sales moderated from a 4.3% year-on-year increase in January to a 1.1% rise in February. As a result, annual average growth in retail sales fell from 3.4% in January to 3.1% in February.
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