New Zealand retail turnover jumped sharply in the three months to September with an increase of 1.6% reported. The figure, far stronger than the 0.1% gain of the prior quarter, smashed expectations for an increase of 1.2%.
The sharp lift in sales left annual turnover up 5.7% from a year earlier, higher than the 5.1% pace seen in the three months to June.
According to Statistics New Zealand, the sharp lift in turnover was led by renewed strength in auto sales.
“The total sales value was $19.2 billion in the September 2015 quarter, 4.8% ($874 million) more than in the September 2014 quarter,” said Neil Kenny, business indicators senior manager at Statistics new Zealand.
“The motor-vehicle industry contributed almost a quarter of the total increase with a $193 million rise on the same quarter last year. Several car dealers told us they experienced a very busy September quarter, and were on target to achieve record sales this year.”
After adjusting for price movements, overall turnover increased 5.7% from a year earlier.
Aside from motor industry sales, turnover increased in 10 of 15 retail industries with significant boosts coming from electrical and electronic goods, up 6.6%, and food and beverage services, up 2.4%.
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