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Financial News: South Africa Retail Sales Rebound Sharply In July

South Africa Retail Sales Rebound Sharply In July

09/14/2022 - 08:57:00 (RTTNews)

(RTTNews) - South Africa's retail sales rebounded significantly in July, and at a faster-than-expected pace, Statistics South Africa reported Wednesday.

Retail sales climbed 8.6 percent year-over-year in July, revering a 2.3 percent fall in June. That was just above the 8.4 percent rise expected by economists.

The strong rebound in July was largely driven by a 28.5 percent surge in sales of food, beverages and tobacco in specialized stores.

There was a 13.9 percent rise in sales of textiles, clothing, and footwear and leather goods, and sales at general dealers showed an annual growth of 8.2 percent.

At the same time, sales of hardware, paint, and glass logged a decline of 3.0 percent.

On a monthly basis, retail sales increased a seasonally adjusted 0.5 percent in July, after a 0.2 percent gain in the prior month.

In the three months to July, retail sales advanced 0.4 percent from the preceding three months.

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