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April 2003 Results
11 June 2003
The downward trend in the overall level of growth in retail sales in New Zealand is evidenced in the results announced today by Statistics New Zealand.
Within the past four months the level of growth compared with the same period last year has been:
January 2003 7.8%
February 2003 6.2%
March 2003 5.4%
April 2003 3.0%
It is our belief that this trend is in line with the general slowing down in economic activity throughout the country says John Albertson, Chief Executive of the NZ Retailers Association.
For example, other indices show credit card billings only increased by 4.9% in April.
Building consents issued during the month were also only 1.2% higher in April 2003 than in April 2002 and this clearly reflected the modest level of increase in major ticket items such as furniture (up 7.1%) and appliances (up 0.3%).
Viewed regionally single digit growth is now evident right throughout the country.
The significant growth evident in provincial New Zealand has also fallen away although the South Island (excluding Canterbury) is still showing strong growth.
Despite the lower levels of growth we remain optimistic that growth of around 5% will be attained in the 2003 calendar year concluded Mr Albertson.
Further Information:
John Albertson
027 445 9400
Barry Hellberg
021 673 480
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