The contraction in retail sales persisted during June, though it showed a marked pull back from the record lows recorded in the preceding months under the worst of the national lockdown, figures from Stats SA showed on Wednesday.
Though retail sales managed growth of 6.4% on a month on month, seasonally adjusted basis during the second quarter of 2020, sales decreased by 23.5% compared with the first quarter, which is expected to add to the drag on growth. The retail sales numbers come as both business and consumer confidence languishes at record lows. With the economy set to experience its worst recession since the Great Depression many firms are battling to stay open, while consumers are seeing either their jobs or their incomes cut.
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