11.45am
New Zealanders went on a spending splurge in January according to vastly better than expected retail sales figures for the month.
Statistics New Zealand today said seasonally adjusted retail sales in January were up 2.9 per cent at $4.49 billion from December.
Economists surveyed by Reuters had expected a median rise of
0.4 per cent.
The rise was the greatest monthly increase since April 2002, Statistics NZ said in a statement.
It followed flat sales in December and November last year.
In the core retailing group, which excludes the four motor vehicle related industries, sales increased a seasonally adjusted 1.9 per cent.
Eighteen of the 24 retail industries posted increases in seasonally adjusted sales for January over December.
The largest dollar value increases were in automotive fuel retailing (up $32 million at $370 million) and motor vehicle retailing (up $25 million at $667 million).
The largest decrease was in accomodation (down $12 million at $164 million).
Other moves of note included: other retailing (up $22 million at $220 million), personal and household good hiring (down $1 million at $15 million), and fresh produce retailing (up $5 million at $71 million).
"The total retail sales trend continued its steady upward movement," said acting government statistician Ian Ewing.
Year-on-year, actual retail sales in January 2004 were up $4.42 billion, or 6.9 per cent, on the same month in 2003.
Economists polled by Reuters predicted a median 3.8 per cent increase over the same period.
Regionally, actual retail sales in both the North and South Islands increased in January 2004 over January 2003.
In the South Island, sales in January hit $1.08 billion (from $1.03 billion in the previous same month), while total North Island sales were $3.33 billion ($3.10 billion).
- NZPA
