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SA retail sales slump for first time in almost 2 years

Feb 13 2019 15:49
Ana Monteiro, Bloomberg

South African retail sales slumped unexpectedly for the first time in 22 months in December.

Sales contracted 1.4% from a year earlier, compared with a revised 2.9% increase in November, Pretoria-based Statistics South Africa said in a report on its website Wednesday.

That’s the first time sales declined since February 2017.

Key Insights

The median of 10 economists’ estimates was for expansion of 2.5% in December. Retailers including Shoprite, the continent’s biggest grocer, have reported slower growth that reflects the country’s weakened economic outlook.

Lower-income consumers are struggling most of all because of higher fuel prices and increased value-added tax.

Africa’s most-industrialised economy hasn’t expanded by more than 2% a year since 2013, and the central bank in January cut its forecast for growth in gross domestic product this year to 1.7% from 1.9%.

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