New Zealand Retailing Outperforms on Fuel, Car Sales
New Zealand Retail Sales added 0.8 percent in January, topping expectations of a 0.5 percent increase amid strong gains in fuel and car sales. Indeed, excluding auto-related goods, sales rose by a far more modest 0.3 percent, with gains driven by spending on recreational goods and hotel stays. Looking at the overall trend in retail activity, sales gained 2.3 percent in the 12 months from January 2009 marking the third consecutive increase in the annual growth rate. Receipts may suffer a setback going forward however after a metric of consumer confidence from ANZ National Bank and Roy Morgan Research dropped 7.8 percent in February.
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