New Zealand: Retail sales expand in second quarter buttressed by cars sales
August 15, 2012
In the second quarter, retail sales expanded a seasonally adjusted 1.3% over the previous quarter, which contrasted the revised 0.6% drop recorded in the first quarter (previously reported: -1.6% quarter-on-quarter). The expansion exceeded market expectations, which had retail sales growing 0.7%. Compared to the same period a year ago, retail sales accelerated from a 4.3% increase in the first quarter to a 4.8% expansion in the second. According to the statistical office, the expansion was mainly the result of strong sales of motor vehicles and parts (+7.5 qoq). In addition, the reading reflected a broad-based increase in core retail sales (which exclude vehicle-related sales), particularly sales of pharmaceutical and other store-based retailing.
Author: Ricardo Aceves, Senior Economist