SA March retail trade sales up 2%

Growth in retail trade sales slowed much more than expected in March‚ suggesting modest spending by consumers.

Petrol prices rose by 96c/l in March while consumer confidence remained very weak in the first quarter‚ which could have contributed to the weaker than expected growth in retail sales.

Retail trade sales measured in real terms (constant 2012 prices) increased by 2% year on year in March from a revised 3.7% rise in February‚ Statistics SA data showed on Wednesday 20 May 2015.

The main contributors to the 2% increase were retailers in hardware‚ paint and glass‚ which contributed 0.7 of a percentage point; and retailers in pharmaceuticals and medical goods‚ cosmetics and toiletries‚ which contributed 0.5 of a percentage point.

Seasonally adjusted retail trade sales decreased by 0.5% month on month in March following month-on-month changes of 1.6% in February and 0.1% in January.

Seasonally adjusted retail trade sales increased by 0.9% in the first quarter of 2015 compared with the previous quarter.

Retail trade sales increased by 2.5% in the first quarter of 2015 compared with the first quarter of 2014‚ with the main contributors being retailers in hardware‚ paint and glass; and textiles‚ clothing‚ footwear and leather goods.

Source: BDpro via I-Net Bridge