While many retailers are showing signs of having suffered from soggy Christmas holiday weather figures released today show retail sales in November outstripped expectations.
Statistics New Zealand (SNZ) said November retail sales increased by 0.7 per cent seasonally adjusted, driven largely by higher fuel sales.
Economists polled by Reuters had
expected retail sales to rise by 0.5 per cent for the month.
SNZ said automotive fuel retailing rose by $21 million in November compared with the previous month and accounted for 66 per cent of the rise in overall sales.
The rise in sales for the month was offset by a $26 million decline in motor vehicle retailing. Excluding the automotive sector, November sales rose 1.1 per cent.
Total actual retail sales at $4.84 billion were 9.6 per cent higher than the same month in 2003 and were also above economists' expectations of 7.3 per cent.
December retail sales data revealing the extent of the poor summer weather's effect on retailers will be released in February.
- NZPA
