Australia: Retail sales slow in October
December 3, 2013
Nominal retail sales rose 0.5% over the previous month in seasonally-adjusted terms in October. The result, which came in below the 0.9% rise recorded in September (previously reported: +0.8% month-on-month), was above market expectations of a 0.4% increase.
On a year-on-year basis, the pace of expansion in retail sales rose from a 2.3% increase in September to a 4.4% rise in October, marking the strongest jump since August 2012. In turn, annual average growth in retail sales edged up from September's 2.3% to 2.5% in October.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.1% in 2013, which is unchanged from last month's forecast. For next year, the panel sees private consumption expanding 2.7%, which is also unchanged from last month's estimate.