Retail sales growth slowed further in August, deepening the disappointing slowdown reported for July. Retail sales grew just 0.2% in August compared with a year earlier, Statistics SA said on Wednesday, after the 0.8% increase that was reported last month for July. That was much slower than economists had expected. The Trading Economics forecast was for year-on-year growth of 1.4%, while the Bloomberg consensus was less optimistic, at 0.6% growth. The retail sector has experienced a long period of tough trading conditions, with consumers’ ability to spend constrained by high levels of household debt and a tighter lending environment.
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.