South Africa Retail Sales Fall Further
South Africa’s retail sales decreased further in August, data from Statistics South Africa showed on Wednesday.
Retail sales fell 4.2 percent year-on-year in August, following an 8.6 percent decrease in July. Economists had forecast a 5.0 percent decline.
The biggest negative contribution came from the all ‘other’ retailers, retailers in food, beverages and tobacco in specialized stores, retailers in textiles, clothing, footwear and leather goods, and general dealers.
On a month-on-month basis, retail sales rose 4.0 percent in August, after a 0.6 percent rise in the previous month.
In the three months ended in August, retail sales increased 16.7 percent, following a 8.0 percent rise in the preceding three months.