South Africa Retail Sales Fall 0.5%, Less Than Forecast

(RTTNews) - South Africa's retail sales declined for the ninth straight month in August, though at a slower-than-expected pace, data from Statistics South Africa showed on Wednesday.

On an unadjusted basis, retail sales fell 0.5 percent year-on-year in August, slower than the 1.0 decrease in the prior month. Economists had also expected a 1.0 percent decline.

Sales of hardware, paint, and glass decreased the most by 5.0 percent annually in August, followed by sales at general dealers with a 3.8 percent fall.

On the other hand, sales of textiles, clothing, footwear, and leather goods showed a significant growth of 11.3 percent.

On a monthly basis, retail sales edged up 0.2 percent in August versus a 0.4 percent gain in the prior month. This was the third successive rise in a row.