September retail sales beats expectations

Pretoria – Retail trade sales in September rose by 8.3% above market expectation, Statistics South Africa (Stats SA) said.

“The highest annual growth rate was recorded for retailers in hardware, paint and glass (19.9%), followed by all other retailers,” said Stats SA on Wednesday.

In August, retail trade sales grew by 7.7%. Consensus for September’s figure was for 6.3%.

On a monthly basis retail sales rose by a seasonally adjusted 1.8%.

“Retail sales, particularly of non- and semi-durable goods, will be boosted by spending ahead of the festive season. Stronger retail sales are encouraging. However, the overall growth picture remains subdued. Despite rising inflation, which is mainly due to cost-push factors, we maintain the view of unchanged interest rates until the third quarter of 2012,” said Nedbank economists. – BuaNews