Retail sales in December deliver welcome surprise
But index shows consumer confidence during the festive season was the worst in more than two decades
14 February 2024 - 15:29
UPDATED 14 February 2024 - 18:52
SA retail sales surprised in December, growing faster than market expectations and further strengthening the case against a technical recession. But economists warn the sector is still expected to detract from overall GDP in the fourth quarter due to muted consumer spending.
While retail sales numbers published by Stats SA on Wednesday were positive, growing 2.7% from a year earlier in December after an upwardly revised 1% decrease in the prior month and better-than-market forecasts of a 0.7% fall, the outcome follows two consecutive months of declines...
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