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18 Oct 2018, Gergana Bencheva, EMIS Editor

South Africa’s retail sales growth widens to 2.5% y/y in Aug

South Africa’s retail sales had their growth in unadjusted terms widen to 2.5% on the year for August 2018, significantly exceeding forecasts, CEEMarketWatch reported referring to data provided by Statistics SA. In comparison, retail sales growth a month earlier stood at 1.4% year-on-year.

In seasonally adjusted terms, retail sales in the African country rose by 0.6% month-on-month for August, against 1.5% monthly growth in July. The growth in August was supported by increased spending on durable goods, especially household furniture, clothing and footwear as well as pharmaceuticals and medical goods.

Despite the positive results, in the recent months South Africa has faced subdued credit growth, persistently high unemployment and exorbitant increases in fuel prices. All those factors are negative for consumers and suggest that it is too early to register any meaningful recovery in domestic demand, CEEMarketWatch noted.

Sign in and read the full article in emis.com, or find out more about EMIS. Original source: CEEMarketWatch - Daily News