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Financial News: South Africa Retail Sales Rise More Than Forecast;

South Africa Retail Sales Rise More Than Forecast; Wholesale Trade Falls

06/15/2022 - 09:12:00 (RTTNews)

(RTTNews) - South Africa's retail sales increased at a faster-than-expected pace in April, while wholesale sales declined, data from Statistics South Africa showed on Wednesday.

Retail sales climbed an unadjusted 3.4 percent year-on-year in April, following a 1.7 percent gain in the previous month.

Economists had forecast a 1.6 percent increase. This was the second successive monthly rise.

The annual growth in April was largely supported by 6.8 percent rise for retailers in household furniture, appliances and equipment.

Sales of textiles, clothing, and footwear and leather goods also registered a sharp increase of 6.4 percent, while those of hardware, paint and glass dropped 8.3 percent.

On a monthly basis, retail sales dropped 0.2 percent in April, reversing a 0.8 percent rise in the prior month.

At current prices, annual retail sales growth improved to 7.7 percent in April from 5.6 percent in March.

Separate data from the statistical office revealed that wholesale trade sales declined 5.0 percent annually in April, in contrast to a 2.6 percent rise in the preceding month.

Compared to the previous month, wholesale sales declined a seasonally adjusted 4.9 percent in April, after falling 1.5 percent in March .

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