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Retail sales increase by 2.7% y/y in September

18 Nov 2015

Retail sales growth slowed significantly in September, indicating continued weakness in the economy and supporting the case for unchanged interest rates on Thursday.

Retail sales increase by 2.7% y/y in September

Retail trade sales increased by 2.7% year on year (y/y) in September after increasing by a slightly revised 4% (3.9%) year on year in August. The 2.7% was the slowest growth rate since May this year.

The main contributors to the 2.7% increase were general dealers who contributed 1.7 percentage points, and retailers in textiles, clothing, footwear and leather goods who contributed 0.6 of a percentage point.

Consumers usually shift their spending to cheaper items during tough economic times, which explains the growth in general dealers and retailers in textiles and clothing.

Over-indebtedness, rising inflation and interest rates and higher electricity costs are weighing on the disposable incomes of consumers.

Seasonally adjusted retail trade sales fell 1.9% month on month in September following month-on-month changes of 1.8% in August and 0.2% in July 2015.

Seasonally adjusted retail trade sales increased 1% in the third quarter of 2015 compared with the previous quarter, and rose 3.3% in the third quarter of 2015 compared with the third quarter of 2014.

Source: BDpro

Source: I-Net Bridge

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