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October retail trade sales up 7.4%

7 Dec 2011

South African retail trade sales at constant (2008) prices for October rose 7.4% year on year (y/y) after downwardly revised growth of 7.7% (8.3%) in September, figures released on Wednesday, 7 December, by Statistics SA showed.

Growth for October was expected to lose a bit of momentum to 7.6% y/y, according to a survey of leading economists by I-Net Bridge.

Forecasts among the nine economists ranged from 2.5% to 8.5%.

The highest annual growth rate was recorded for 'retailers in hardware, paint and glass' (16.6%), followed by 'retailers in household furniture, appliances and equipment' (13.2%) and 'retailers in textiles, clothing, footwear and leather goods' (10.7%).

On a month on month basis retail sales came in at 0.6% in October.

In real terms, retail trade sales for the three months ended October 2011 reflected an increase of 7.6% compared with the three months ended October 2010, Statistics SA added.

The largest contributor to the 7.6% increase was 'general dealers' (5.9% and contributing 2.2 percentage points), followed by 'all other retailers' (13.1% and contributing 1.6 percentage points), 'retailers in textiles, clothing, footwear and leather goods' (8.1% and contributing 1.6 percentage points) and 'retailers in hardware, paint and glass' (13.2% and contributing 1.0 percentage point).

Source: I-Net Bridge

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