New Zealand retail sales volumes lifted more than expected in the December quarter, boosted by spending on pharmaceuticals, duty-free goods, and food services
Retail sales volumes rose a seasonally adjusted 1.7 per cent in the December quarter from a revised 0.3 per cent gain in the September period, Stats NZ said. That's higher than the 0.5 per cent gain expected by economists.
In reaction, the New Zealand dollar rose to 68.61 US cents from 68.41 cents just prior.
Robust spending over the December 2018 quarter led to 11 of the 15 retail industries recording higher sales volumes, Stats NZ said.
Sales volumes grew a record 8.2 per cent for pharmaceutical and other store-based retailing while food and beverage services lifted 4.2 per cent. However, these large increases followed sizeable falls in the September 2018 quarter for both industry groups, it noted.