RETAIL sales in South Africa increased by 2% year-on-year in July after rising by 4.1% in June, Statistics South Africa (StatsSA) said yesterday.
The July retail sales print marked the fifth consecutive month of in- creases, with economic activity now expected to ramp up towards the year-end festive season as interest rates de- cline 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.
StatsSA’s deputy director for distri- butive 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 po- sitive month include pharmaceuticals, medical goods and cosmetics, household goods, food and beverages and textiles and clothing,” Floris…