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Financial News: South Africa Retail Sales Growth Slows In May

South Africa Retail Sales Growth Slows In May

07/14/2021 - 07:32:00 (RTTNews)

(RTTNews) - South Africa's retail sales grew at a softer pace in May, data from Statistics South Africa showed on Wednesday.

Retail sales rose 15.8 percent year-on-year in May, after a 95.8 percent growth in April. Economists had forecast a 12.2 percent growth.

The largest negative contribution came from all 'other' retailers, retailers in food, beverages and tobacco in specialized stores, retailers in household furniture, appliances and equipment.

On a month-on-month basis, retail sales rose 2.1 percent in May, after a 0.6 percent fall in the previous month.

In the three months ended in April, retail sales decreased 0.1 percent, after a 2.5 percent rise in the preceding three months.

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