NZ retail sales grow faster than expected in second quarter as hospitality reaps record gain

Tue, 13 Aug 2013

By Paul McBeth Aug. 14 (BusinessDesk) - New Zealand retail sales grew faster than economists were picking in the second three months of the year, led by record gains in the hospitality sector. The total volume of retail sales rose 1.7 percent, seasonally adjusted, to $17.94 billion in the three months ended June 30, from a 0.9 percent pace of growth in the first quarter, which was revised up from 0.5 percent, according to Statistics New Zealand. That beat the 1.25 percent growth expected in a Reuters survey of economists. Actual retail sa...

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