RETAIL sales in South Africa increased by 2% year-on-year in July after rising by 4.1% in June, Statistics SA said yesterday.
The July retail sales print marked the fifth consecutive month of increases, with economic activity now expected to ramp up towards the year-end festive season as interest rates decline and workers cash in savings from the Two-Pot retirement system.
Analysts had predicted an increase of 2.8% year-on-year ahead of the release.
Stats SAs deputy director for distributive trade statistics, Raquel Floris, said the general dealers retail group, which includes supermarkets, was the largest positive contributor to the print, rising by 4.4% year-on-year.
Other retail groups that recorded positive a month include pharmaceuticals, medical goods and cosmetics, household goods, food and beverages and textiles and clothing, Floris said.
