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Financial News: Australia Retail Sales Growth Slows Less Than Expected

Australia Retail Sales Growth Slows Less Than Expected

05/21/2021 - 01:19:00 (RTTNews)

(RTTNews) - Australia's retail sales growth slowed less than expected pace in April, preliminary estimates from the Australian Bureau of Statistics revealed on Friday.

Retail sales rose 1.1 percent month-on-month in April, slower than the 1.3 percent increase seen in March. Economists had forecast sales to grow at a much weaker pace of 0.5 percent in April.

The monthly growth was driven by a 1.5 percent rise in food retailing following falls in February and March. Cafes, restaurants and takeaway food services climbed 2.5 percent. Through-the-year sales surged 25.1 percent in April from the last year, following a 2.2 percent annual rise in March.

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