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Financial News: New Zealand Retail Sales Growth Slows In Q2

New Zealand Retail Sales Growth Slows In Q2

08/23/2019 - 00:47:00 (RTTNews)

(RTTNews) - New Zealand retail sales grew at a slower rate in the second quarter, figures from Statistics New Zealand showed on Friday.

The total volume of retail sales rose by a seasonally adjusted 0.2 percent sequentially in the second quarter, which was slower than 0.7 percent increase in the previous quarter. Economists had forecasts for a rise of 0.3 percent.

The total value of retail sales rose 0.7 percent on quarter, after a 0.1 percent increase in the March quarter.

The largest increases in volume were in electrical and electronic goods by 5.0 percent, while supermarket and grocery stores declined by 0.9 percent in the June quarter.

The big factor that has been weighing on spending appetites is the softness in the housing market, Satish Ranchhod, an economist at Westpac noted.

The economist said spending growth is expected to remain moderate over the remainder of 2019, before picking up over 2020.

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