Retail sales in SA increase by 0.4 % in October 2022: Stats SA

Retail sales in South Africa increased by 0.4 % for the month of October compared to September and contracted by 0.6 % on a year-on-year basis.

Statistics South Africa says the largest positive contributors were in textiles, clothing, footwear, and leather goods.

The negative contributors were in hardware, paint and glass, pharmaceuticals, medical goods, and toiletries.

Economists say this does not look good for the fourth quarter Gross Domestic Product numbers as more than 60% of the economy is driven by consumer demand.

Raquel Floris who is with Statistics South Africa says, “South African retail trade sales decreased by 0.6 % year-on-year in October 2022. With hardware, paint and glass and pharmaceuticals and medical goods the biggest drags on growth. On the positive side, merchants specialising in the sale of household goods and clothing recorded a rise in sales in October. Sales in textiles and clothing increased by three-point-zero per cent year-on-year. ”

 Video: Retail sales fall in October