New Zealand Q2 Retail Sales Fall 0.5% as Miss Deepens From Expected 0.1% Rise
Updated
Updated · investinglive.com · Aug 23
New Zealand Q2 Retail Sales Fall 0.5% as Miss Deepens From Expected 0.1% Rise
3 articles · Updated · investinglive.com · Aug 23
Summary
New Zealand retail sales fell 0.5% quarter on quarter in Q2, a sharp reversal from the prior quarter’s 0.9% increase and well below forecasts for a 0.1% to 0.2% gain.
Core retail sales excluding inflation also dropped 0.5% q/q, missing expectations for a 0.2% rise and pointing to weaker underlying consumer demand.
Annual retail sales growth slowed to 3.3% from 4.5%, extending the picture of a cooling spending backdrop rather than a one-quarter anomaly.
NZD barely reacted, trading around 0.5973 after the release, suggesting markets had limited immediate repricing despite the downside surprise.