NZ retail sales rise at fastest rate in four years

Wednesday 15th June 2011

Seasonally adjusted total retail sales values rose 2% in the March quarter, the largest rise in four years, Statistics New Zealand (SNZ) says.

Increases were recorded in all regions, except in Canterbury, which was down 2.2%.

While the retail trade survey was not designed to produce regional estimates, the information available showed that sales movements in several retail industries in Christchurch were significantly lower than at the national level due to the February 22 earthquake, SNZ business statistics manager Louise Holmes-Oliver said.

In the March quarter, the two vehicle-related industries were by far the largest contributors to the 2.0% increase in sales values, with vehicles and parts retailing up 5.9%, and fuel retailing up 5.6%.

The value of core retail sales, which exclude vehicle-related industries, rose 0.9%, with seven of the 13 industries recording increases, SNZ said.

The volume of total retail sales rose 0.9% in the March quarter, the largest rise since the December 2009 quarter, and following two quarters of falls.

Vehicles and parts volumes rose 6.3%, while fuel volumes were down 3.9%.

The volume of core retail sales rose 0.7%.

Actual retail sales values were up 3.4% from the March 2010 quarter to $16.5 billion. That was well up on the median forecast of 1.1% in a Reuters poll of economists.

Actual volumes were up 0.8% from a year earlier, with actual core retail volumes up 1.4%.

Today's retail figures were the first produced since SNZ moved to quarterly reporting of the survey, rather than monthly.

Because of the impact of Monday's aftershock on SNZ's Christchurch operations, SNZ did not accompany the latest retail figures with a commentary.

NZPA

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