Sharechat Logo

NZ retail sales rise 1.2% in second quarter, led by demand for vehicles

Thursday 14th August 2014

Text too small?

New Zealand retail sales rose more than expected in the second quarter, as vehicle sales increased at the fastest pace in two years.

The volume of retail sales rose a seasonally adjusted 1.2 percent in the three months through June, from an upwardly revised 0.8 percent in the first quarter, according to Statistics New Zealand. That’s more than the 1 percent expected in a Reuters poll of economists. Actual sales were up 3.8 percent in value from the same quarter a year earlier, better than the 3.4 percent estimate in the Reuters survey.

Retail sales are increasing amid upbeat consumer confidence in an expanding economy. The Reserve Bank last month said the economy is expected to grow at an annual average rate of 3.7 percent this year, from a 2.9 percent pace in 2013. The New Zealand dollar climbed to 84.85 US cents  from 84.62 cents immediately before the numbers were released.

“The motor vehicle and parts retailing industry has driven this quarter’s increase in both sales volumes and values, recording their largest increases in two years,” Statistics New Zealand business indicators manager Neil Kelly said.

Eleven of the 15 industries had higher sales volumes in the second quarter. Motor vehicle and parts retailing recorded the largest volume increase, up 3.6 percent, as the sales value gained 2.9 percent and prices fell 0.7 percent, the agency said.

Other industries which posted large volume gains in the quarter included accommodation, up 6 percent, electrical and electronic goods retailing up 2.9 percent and food and beverage sales up 2.7 percent, Statistics NZ said.

The industries with the largest falls in the quarter were fuel, down 3.3 percent, and clothing, footwear and accessories retailing, down 2.2 percent, the agency said.

Excluding fuel and vehicle related spending, core retail sale volumes in the second quarter rose a seasonally adjusted 1.2 percent, following a 1 percent rise in the first quarter.

Sales of motor vehicles, parts and fuel aren’t currently seasonally adjusted although the statistics agency said it may provide figures on this basis from the third quarter.

 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing
Govt won't "die in a ditch" for 100% renewable target
NZ 2Q CPI +0.6% on quarter, +1.7% on year
16th July 2019 Morning Report
Suspect company faces liquidation after director dies
NZ dollar holds gains; focus on domestic inflation data
MARKET CLOSE: NZ shares slip as fears over slowing Chinese growth weigh; AMP slumps

IRG See IRG research reports