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

 


NZ retail sales gain 0.7% in first quarter, below forecast

NZ retail sales gain 0.7% in first quarter, less than expected, as electrical goods rise, groceries fall

By Tina Morrison

May 14 (BusinessDesk) - New Zealand retail sales rose less than expected in the first quarter, with electrical and electronic goods leading the gains, while supermarket and grocery sales fell.

The volume of retail sales rose a seasonally adjusted 0.7 percent in the first three months of 2014, according to Statistics New Zealand, less than the 0.8 percent expected by economists in a Reuters survey. Actual sales were up 3.4 percent in value from the same quarter a year earlier, lagging the 3.7 percent estimate in the Reuters survey.

Retail sales are increasing as consumer confidence remains perky in an expanding economy. The Reserve Bank last month lifted its expectation for gross domestic product growth in the year ended March 31 by 0.2 of a percentage point to 3.5 percent saying "economic expansion has considerable momentum."

Figures for the fourth quarter were revised up to a seasonally adjusted gain of 1.4 percent from the previously published 1.2 percent increase, suggesting retail sales growth in the second half of 2013 was more robust.

Excluding fuel and vehicle-related spending, core retail sales in the first quarter rose a seasonally adjusted 0.8 percent from the previous quarter.

Sales in electrical and electronic goods led the quarterly increase in volumes, up 5.5 percent following a 3.7 percent gain in the fourth quarter. Hardware, building and garden supplies rose 2 percent in the first quarter while food and beverage sales increased 1.5 percent.

Meanwhile, sales in the supermarket and grocery stores declined 0.7 percent and sales of furniture, floor coverings, houseware and textiles fell 2.4 percent.

Fuel retailing, which isn't seasonally adjusted, fell 0.6 percent in the latest quarter. Vehicle spending rose 0.6 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news