Growth in retail sales continues

2010-09-23 00:00

A FURTHER World Cup-related spending spree helped boost the latest retail sales figures, which rose by 7,9% year on year in July 2010 following a 7,4% increase in June.

Statistics South Africa said yesterday the highest annual real growth rate was recorded for retailers in household furniture, appliances and equipment.

Strong retail sales growth was also seen in two other categories: pharmaceutical and medical goods, cosmetics and toiletries: and textiles, clothing, footwear and leather goods.

Nedbank economist Carmen Altenkirch said above-inflation wage increases, particularly in the public sector, combined with low interest rates and inflation will support the sector in the coming months.

“However, growth is still expected to be modest, due to subdued job creation, volatile property prices and modest credit growth, which remains constrained by high levels of household debt.”

Although a further interest rate cut is possible, Altenkirch said Nedbank is expecting interest rates to remain unchanged until 2012.

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