Retail sales fall more than expected as consumers feel the pinch
This is the steepest decline in retail activity since January 2021, showing the effects of higher inflation and interest rates
17 August 2022 - 14:12
UPDATED 17 August 2022 - 19:11
Retail sales for June underperformed market expectations, falling to the lowest level since January last year and adding further credence to the expectation that SA’s second-quarter GDP shrank as a result of slower global growth and myriad domestic challenges, including intense bouts of load-shedding.
Stats SA said on Wednesday that retail sales contracted 2.5%, far below market expectations of 0.5% year-on-year growth. Economists polled by Bloomberg and Thomson Reuters expected 0.4% year on year...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.