Monthly Retail Up 4.6 Percent in New Zealand
Friday May 13, 2:01 am ET
Monthly Retail Rise in New Zealand, Consumer Spending Rises Less Than Expected in Latest Quarter
WELLINGTON, New Zealand (AP) -- Retail sales in New Zealand increased 4.6 percent in the three months through March from the same period last year, led by gains at supermarkets and gasoline stations, the government said Friday.
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Meanwhile, consumer spending edged up 1.3 percent in the three months ended March 31 -- well below economists' forecasts of 2.0 percent growth, according to figures from Statistics New Zealand.
Retail sales during the quarter, adjusted for inflation and seasonal variation, rose to 14.2 billion New Zealand dollars (US$10.2 billion; euro8.1 billion), up 4.6 percent from NZ$13.4 billion in the same quarter of 2004, the government agency said.
Nineteen of the country's 24 retail industries reported gains, with supermarkets and gasoline stations reporting the biggest increases, up 1.7 percent and 3.6 percent on year respectively.
Bars and nightclubs posted the largest declines due to an anti-smoking law which came into effect in December last year.
The mixed economic data comes amid signs that New Zealand's economy might be entering a long-anticipated downturn.
Unemployment rose unexpectedly to 3.9 percent in the three months to the end of March, up from 3.6 percent in the quarter that ended December 31. It was the first increase in unemployment since December 2003.
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