GROWTH in South Africa's retail sales accelerated to a five-month high of 3.8% year-on-year in February from a revised 2.2% in January, Statistics South Africa said yesterday.
On a month-on-basis basis, sales were up 2.7% in February and also increased by 2.7% in the three months to February.
Economists polled by Reuters forecast year-on-year retail sales growth of 1.7%.
"After a fairly volatile series in 2012, 2013 is bringing us a somewhat tapering trend, but so far retail growth has been able to hold above 1.0%.
"Overall, South Africa will still be relying on government spending and fixed investment to aid positive GDP growth in the first quarter, while we keep to the view of unchanged rates through 2013 with little room for policy manoeuvre."
Retail sales boost growth
GROWTH in South Africa's retail sales accelerated to a five-month high of 3.8% year-on-year in February from a revised 2.2% in January, Statistics South Africa said yesterday.
On a month-on-basis basis, sales were up 2.7% in February and also increased by 2.7% in the three months to February.
Economists polled by Reuters forecast year-on-year retail sales growth of 1.7%.
"After a fairly volatile series in 2012, 2013 is bringing us a somewhat tapering trend, but so far retail growth has been able to hold above 1.0%.
"Overall, South Africa will still be relying on government spending and fixed investment to aid positive GDP growth in the first quarter, while we keep to the view of unchanged rates through 2013 with little room for policy manoeuvre."
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