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 second quarter, led by vehicles

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

By Tina Morrison

Aug. 14 (BusinessDesk) - 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)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: