Retail sales in South Africa increased at a slower pace in March, but the extent of the slowdown was less than economists had forecast, latest data showed Wednesday.
Retail sales, on an unadjusted basis, increased 2.8 percent year-on-year in March, after recording a 3.9 percent rise in February, Statistics South Africa said. Economists were looking for a 2.4 percent gain.
With 4.4 percent, the highest annual growth rates were recorded for retailers in hardware, paint and glass, following by the group comprising textiles, clothing, footwear and leather goods, which recorded a 3.8 percent gain. Trade at general dealers was higher by 3.6 percent than in March 2012.
Month-on-month, trade in the retail sector decreased a seasonally adjusted 0.9 percent in March, reversing the previous month's 2 percent increase. During the three months ended March, sales rose 0.6 percent from the corresponding three-month period, when they recorded a similar growth.
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