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Financial News: South Africa Retail Sales Rise Unexpectedly In May

South Africa Retail Sales Rise Unexpectedly In May

07/19/2017 - 07:17:00 (RTTNews)

(RTTNews) - South Africa's retail sales increased for the third straight month in May, defying economists' forecast for a decline, figures from Statistics South Africa showed Wednesday.

Retail sales climbed 1.7 percent year-over-year in May, slower than the 2.0 percent rise in April. In contrast, economists had expected a 0.3 percent drop for the month.

Sales of food, beverages and tobacco in specialized stores grew markedly by 13.6 percent annually in May and those of pharmaceuticals and medical goods, cosmetics and toiletries rose by 5.7 percent.

At the same time, sales of hardware, paint and glass registered a fall of 4.0 percent.

On a monthly basis, retail sales gained 0.9 percent from April, when it increased by 0.7 percent. It was the fourth month of rise in a row.

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