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Retail sales decline to record low since global financial crisis

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(iStock)
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Johannesburg – Retail sales declined 2.3% in January 2017, according to data released by Statistics South Africa (StatsSA), this is the worst performance since 2009.

Sales were down from an annual growth of 1% reported in December 2016. “The latest annual growth rate was well below market expectations for an increase of 1.1%,” said Kevin Lings, chief economist at Stanlib. “It is also the largest annual decline in retail sales since the global financial market crisis in 2009,” he said.

Since December 2016, January sales dropped 1.2%, following a 2.5% decline in December 2016. “The month-on-month sales performance was much worse than market expectations, which was for growth of 0.2%,” said Lings.

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