Retail sales in New Zealand rose in the second quarter of the year ending in June, according to Statistics New Zealand data, better than market expectations by 3.3%, while expectations were at 2.4%, to adjust the reading of the first quarter to an increase of about 2.8% from 2.5%, to raise the total value of retail sales In dollars, about $1.1 billion, after 11 industries out of 15 recorded increases in the second quarter, the largest of which came from the retail electrical and electronic goods trade by 6.9%, while food and beverage sales increased by 5.6%, and the trade of cars and spare parts increased by 3.1%.
On the other hand, core retail sales recorded a growth of about 3.4% in the second quarter, compared to 3.5% in the revised first quarter reading, better than expectations which indicated a rise to 2.1%.
In a related context, we followed this morning’s statements by Deputy Governor of the Reserve Bank of New Zealand Huxby, who hinted that the bank is considering an option to raise interest rates to support these positive statements in addition to retail sales. The New Zealand dollar rises by more than 50 points against the US dollar, which is trading at 0.6929 levels.
06/11/2024
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