Retail sales slow significantly in January

South African retail trade sales at constant (2008) prices for January recorded a 3.9% growth year on year (y/y) after an unrevised 8.7% growth in December, figures released on Wednesday, 14 March 2012, by Statistics SA showed.

14 Mar 2012

Retail trade sales at constant (2008) prices for January were expected to increase to 7.5% y/y according to a survey of leading economists by I-Net Bridge.

Forecasts among the nine economists ranged from 4.5% to 9.2%.

Measured in real terms (constant 2008 prices), seasonally adjusted retail trade sales growth fell 0.6% in January compared with December.

This followed month-on-month changes of 1.4% in December and -0.1% in November.

In terms of the 3.9% y/y growth in January, the highest annual growth rate was recorded for general dealers, with 5.7%; retailers in hardware, paint and glass, with 5.4%; and retailers in pharmaceutical and medical goods, cosmetics and toiletries, with 5.2%.

In real terms, retail trade for the three months ended January 2012 reflected an increase of 6.9% compared with the three months ended January 2011.

The largest contributors to the 6.9% increase were general dealers, with 7.0% and contributing 2.6 percentage points; retailers in textiles, clothing, footwear and leather goods, with 8.3% and contributing 1.9 percentage points; and all other retailers, with 6.6% and contributing 0.8 of a percentage point.

Source: I-Net Bridge

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