Retail trade sales increase in April

[newsroom]

Pretoria - Retail trade sales in April increased by 3.2 percent year-on-year, Statistics South Africa (Stats SA) said on Thursday.

The 3.2 percent year-on-year figure comes after increasing by a revised 2.7 percent year-on-year in March (from 1 percent year-on-year). Previously the figure stood at 1 percent year-on-year and market expectation was that retail sales would increase by 2.1 percent year-on-year.

According to Stats SA, retail sales at constant 2008 prices for the three months ended April 2010 showed an increase of 2.2 percent compared to the three months ended in April 2009. This was due to higher sales of textiles, clothing, footwear as well as leather goods and sales by general dealers.

“Retail sales are likely to continue expanding during the remainder of this year as consumer spending improves further,” said Nebank economist Isaac Matshego. Nedbank was expecting sales to increase by 1.7 percent.

“However, the pace of recovery is likely to be limited by a still weak, although improving, labour market and the negative impact of sharp increases in administered prices on real disposable incomes,” he said.

Experts had also expected sales to increase by 1.5 percent year-on-year. - BuaNews