Retail boost in the second quarter will help GDP rebound

The 2.2% represents an increase of R86.15bn for the sector in June compared to R82.09 in June 2018. However, it was lower than the 0.3% or R89.21 recorded in May.

The retail sector is an important indicator of consumer spending — it drives growth in the economy as it accounts for just more than 60% of GDP. Compared to a year ago, all “other” retailers saw growth of 5.7%; retailers in household furniture, appliances and equipment saw a rise of 5.2%; and retailers in textiles, clothing, footwear and leather goods were up 4.8%.

For the second quarter, retail trade sales increased by 2.4% which bodes well for overall economic growth for the quarter. Last week, Stats SA figures were a mixed bag, showing contraction in the mining and manufacturing sectors in June, but overall growth in both sectors in the second quarter. Mining grew a marginal 0.6% for the quarter while manufacturing production rebounded with growth of 3.5%.after the worst power cuts the country has seen dented both the retail and manufacturing sectors.

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