NZ retail sales rose 1.2% in Q4, below expectations

New Zealand retail sales grew by 1.2% in the fourth quarter 2015, against expectations of a 1.5% rise. This increase follows a rise of 1.5% in the September 2015 quarter. Sales rose by 4.4% to NZD 21.8 billion in the December 2015 quarter from a year ago.

After removing the effect of price changes, the total retail sales volume rose 5.3% in the December 2015 quarter, when compared with the same quarter in 2014.

“For this quarter, the housing and tourism-related industries had notable increases, with the largest in hardware, building, and garden supplies," business indicators manager Tehseen Islam said.