Garden Supplies | NZ Retail Spending Rises 0.9% In 2nd-qtr
By Paul McBeth
Aug. 25(BusinessDesk) – New Zealand retail spending grew at afaster pace than forecast in the June quarter as householdsfeel more confident to hit the stores.
The total volumeof retail spending grew a seasonally adjusted 0.9% in thethree months ended June 30, according to Statistics NewZealand data, beating the 0.6% expansion picked in a Reuterssurvey of economists. Stripping out motor vehicle relatedspending, the core figure grew 1%.
The value of retailspending, which accounts for both sales volume growth andprice hikes, climbed 1.7% in the quarter to $16.94 billion,and was 4.1% ahead of the same period a year ago. The valueof core retailing grew 1.4% to $13.01 billion and is up 3.1%from June 2010.
Earlier this month, the ANZ Roy Morganconsumer confidence survey showed people are the mostoptimistic they’ve been for seven months, and today’sfigures pick up on a growing trend of data showing NewZealand’s economic recovery is gathering pace ahead ofexpectations.
Of the 15 industries surveyed, 12 reportedincreased sales, led by a 4.9% increase in the value ofspending on motor vehicles and car parts rose to $2.06billion on a 4.2%
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