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Financial News: New Zealand Q3 Retail Sales Advance 0.2%

New Zealand Q3 Retail Sales Advance 0.2%

11/22/2017 - 18:46:00 (RTTNews)

(RTTNews) - The total volume of retail sales in New Zealand added a seasonally adjusted 0.2 percent on quarter in the third quarter of 2017, Statistics New Zealand said on Thursday.

That beat forecasts for an increase of 0.1 percent but was down from the 1.8 percent spike in the three months prior.

"There were strong increases from the food and beverage services and accommodation industries in June, on the back of the World Masters Games and the Lions tour," retail trade manager Sue Chapman said. "However, the reverse has occurred this quarter, with both of these industries falling."

Electrical and electronic goods had the largest increase, up 5.1 percent. Prices have fallen 1.4 percent.

Food and beverage services had a record fall of 3.1 percent. This fall follows the record increase of 4.3 percent for the June 2017 quarter.

Eight of the 15 retail industries had higher sales volumes.

The total value of retail sales rose 0.1 percent (NZ$30 million). The last time retail sales growth was around this level was in the June 2015 quarter, when values rose 0.2 percent (NZ$36 million).

Supermarket and grocery had the highest sales increase, up 1.6 percent (NZ$78 million). Prices for this industry were up 1.0 percent.

Food and beverage services fell 2.2 percent (NZ$63 million). This record decrease follows the record increase of 4.7 percent (NZ$126 million) in the June 2017 quarter.

Fuel retailing fell 3.2 percent (NZ$64 million) following a 3.5 percent (NZ$73 million) fall in the June 2017 quarter. Prices for the fuel industry have fallen 1.5 and 1.8 percent in the September and June 2017 quarters, respectively.

The value of sales in the North Island rose 0.2 percent (NZ$40 million) in the September quarter, after a 1.5 percent (NZ$244 million) rise in the June 2017 quarter.

The value of sales in the South Island rose 0.7 percent (NZ$38 million), after a 0.1 percent ($5 million) rise in the June 2017 quarter.

Of the 16 regions, nine saw increases and seven were down in the September quarter.

The regions with the largest rises were Auckland - up 0.8 percent (NZ$65 million), followed by Otago - up 1.5 percent (NZ$19 million), and Taranaki - up 3.9 percent (NZ$18 million).

The regions with the largest decreases were Waikato - down 1.6 percent (NZ$32 million), and Wellington - down 0.8 percent (NZ$18 million).

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