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Financial News: New Zealand Retail Sales Growth Accelerates In September

New Zealand Retail Sales Growth Accelerates In September

11/25/2019 - 22:09:00 (RTTNews)

(RTTNews) - New Zealand retail sales grew at a faster pace in the third quarter largely driven by electrical and electronic goods, data from Stats NZ showed Tuesday. Retail sales volume increased by more-than-expected 1.6 percent sequentially in the September quarter, following a 0.2 percent rise in June. Economists had forecast a 0.5 percent rise.

At the same time, retail sales value growth improved to 1.4 percent from 0.7 percent a quarter ago.

Data showed that electrical and electronic goods had the largest increase in volume, up 4.4 percent, following a 5.2 percent rise in the June quarter. The next largest growth was in department stores, up 3.5 percent. Meanwhile, accommodation showed the biggest fall of 1.4 percent.

In value terms, supermarket and grocery stores had the largest increase in the third quarter.

Nine regions had higher retail sales values in the September quarter compared with the June quarter. The Auckland region had the largest rise this quarter, up 1.7 percent.

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