South Africa Retail Sales Rise For Second Month

(RTTNews) - South Africa's retail sales increased for the second successive month in August, though at a slower pace than in July, data from Statistics South Africa showed on Wednesday.

Retail sales increased 2.0 percent year-on-year in August, a much slower rate than the previous month's 8.9 percent surge. That was also below the 4.2 percent rise expected by economists.

Sales at general dealers showed an increase of 2.8 percent compared to last year, and there was a 0.7 percent gain in sales of textiles, clothing and footwear, and leather goods.

On the other hand, sales of hardware, paint, and glass were 0.9 percent lower in August compared to a year ago.

On a monthly basis, retail sales declined a seasonally adjusted 1.8 percent in August, after a 0.1 percent drop in the prior month. The fall was the fourth consecutive one in a row.

In the three months to August, retail sales contracted 2.1 percent from the preceding three months.