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Financial News: South Africa Retail Sales Fall For Fourth Month

South Africa Retail Sales Fall For Fourth Month

09/16/2020 - 08:14:00 (RTTNews)

(RTTNews) - South Africa's retail sales decreased for the fourth straight month in July, data from Statistics South Africa showed on Wednesday.

Retail sales fell 9.0 percent year-on-year in July, following an 7.2 percent decrease in June. Economists had forecast a 5 percent decline.

The biggest negative contribution came from the all 'other' retailers, retailers in food, beverages and tobacco in specialized stores, retailers in textiles, clothing, footwear and leather goods, and general dealers.

On a month-on-month basis, retail sales fell 1.1 percent in July, after a 6.6 percent rise in the previous month.

In the three months ended in July, retail sales increased 7.4 percent, following a 23.5 percent fall in the preceding three months.

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