Retail sales outperform in June
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GUEST - Siphamandla Mkhwanazi, FNB Senior Economist
Retail sales continued their upward trajectory in June, surging to 4.1% y/y, from 1.1% in May (revised from 0.8%). This significantly outpaced Reuters expectations of a 1.1% expansion. On a month-on-month basis, volumes rebounded by 1.6% from the 0.2% decline in May (revised up from 0.7%). This outcome means that volume sales rebounded from -0.3 q/q in 1Q, to 1.5% q/q in 2Q, implying that the retail industry will contribute positively to 2Q24 GDP growth.
Retail sales continued their upward trajectory in June, surging to 4.1% y/y, from 1.1% in May (revised from 0.8%). This significantly outpaced Reuters expectations of a 1.1% expansion. On a month-on-month basis, volumes rebounded by 1.6% from the 0.2% decline in May (revised up from 0.7%). This outcome means that volume sales rebounded from -0.3 q/q in 1Q, to 1.5% q/q in 2Q, implying that the retail industry will contribute positively to 2Q24 GDP growth.