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South Africa Retail Sales Drop In July

South Africa's retail sales dropped in July, data from Statistics South Africa showed on Wednesday.

Retail sales fell 0.8 percent year-on-year in July, after a 10.5 percent growth in June. Economists had forecast a 9.6 percent growth.

The largest negative contribution came from household furniture, appliances and equipment, hardware, paint and glass, and food, beverages and tobacco products in specialized stores.

On a month-on-month basis, retail sales fell 11.2 percent in July, after a 0.7 percent growth in the previous month.

In the three months ended in June, retail sales decreased 2.9 percent, after a 0.5 percent rise in the preceding three months.

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