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Wellington Retail Sales Holding Up

Wellington Retail Sales Holding Up

Guest accommodation and retail sales data show the Wellington economy is out performing the rest of the country, but further interest rate reductions and tax cuts are needed according to the Wellington Regional Chamber of Commerce.

Statistics New Zealand’s June quarter retail sales figures released today reaffirm the slump in the retail sector but showed the Wellington region doing better than the country as a whole.

Seasonally adjusted retail sales for the June quarter were up 0.7% in Wellington compared with a 0.2% fall across the country.

These figures follow the release of data earlier in the week showing continued growth in visitor numbers to Wellington. The Statistics New Zealand data showed that in June Wellington was the only region to record an increase in guest nights, up 2,000 or 1% compared with the same time last year.

“Times are still tough for some Wellington businesses but these figures show that the Wellington economy is resilient and is performing relatively well.

“The figures are also consistent with the Chamber’s recent business confidence survey which showed confidence improving amongst Wellington businesses.

“We hope that further reductions in interest rates, the tax cuts in October, falling petrol prices and the sliding exchange rate will provide a further boost to sales in the coming months,” Mr Finny concluded.

ENDS

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