Australia: Lowest real retail growth since 2012 – ANZ
ANZ analysts point out that for the Australian economy, there is a surprise decline in real quarterly sales in this quarter, which represents the lowest q/q growth in real retail sales since September 2012 (and lowest y/y since 2011) and continuing a negative volume growth downward trend in retail volumes from the past year.
Key Quotes
“Retail sales grew 0.3% m/m in March, slightly stronger than our and the market’s expectations. This brought quarterly sales growth to 1.3%, which is a slightly stronger result, in nominal terms, than recent quarters.”
“Volume growth was negative, at -0.1% q/q – the lowest volume growth since September 2012. High food price inflation explains the divergence between nominal and real growth.”
“Retail volume growth has been below the long-term average for the last couple of years and has declined y/y for the last few quarters. Volumes of household goods and department store goods fell during the March quarter, while clothing and other goods both increased by 0.3%.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
