Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ retail sales rise 1.2% in 4Q, less than expected

NZ retail sales rise 1.2% in fourth quarter, less than expected, led by fuel, clothing

Feb. 17 (BusinessDesk) – New Zealand retail sales rose less than expected in the fourth quarter, with fuel, clothing and recreational goods leading the gains, while food, liquor, grocery and commission sales fell.

The volume of retail sales rose 1.2 percent, seasonally adjusted, in the final three months of 2013, according to Statistics New Zealand. Actual sales were up 3.9 percent from the same quarter a year earlier. Sales lagged behind the 1.6 percent quarterly gain and 4.5 percent annual increase forecast by economists in a Reuters survey.

Figures for the third quarter were revised down to a seasonally adjusted gain of 0.2 percent from the previously published 0.3 percent, suggesting retail sales growth in the second half of 2013 wasn’t as robust as some had expected. The kiwi dollar fell to 83.59 US cents from 83.86 cents immediately before the figures were released, as some traders questioned how aggressively the central bank will raise interest rates starting next month.

Excluding fuel and vehicle-related spending, core retail sales rose 0.7 percent from the previous quarter.
Clothing, footwear and accessories sales gained 9.9 percent, recreational goods sales rose 8.6 percent and electronic goods sales gained 3.1 percent. Non-store and commission based retailing fell 10 percent and supermarket and grocery store sales declined 0.5 percent. Accommodation fell 2.4 percent.

“In themselves, today's numbers suggest some downside risk to our 1.4 percent December quarter GDP forecast, which assumed a strong lift in retail spending in the quarter,” said Felix Delbruck, senior economist at Westpac Banking Corp. “There were surprising declines in spending on food, accommodation and non-store retailing - the latter two possibly indicating that a strong NZ dollar has been making the going tougher for domestic operators in those categories.”

Fuel retailing, which isn’t seasonally adjusted, rose 5.7 percent in the latest quarter. Vehicle spending rose 0.8 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news