Australian Q2 Retail Sales Brighten Prospects For GDP
Australian retailers enjoyed their best sales in a year last quarter as discounting drove goods off the shelves, suggesting consumer spending helped the economy maintain momentum.
Friday's figures from the Australian Bureau of Statistics (ABS) showed retail sales for the June quarter jumped 1.2% in inflation-adjusted terms, the best outcome in a year. That beat expectations of 0.8% and followed a very sedate 0.2% gain the previous quarter.
The revival greatly improved the outlook for second quarter gross domestic product growth, given household spending accounts for around 57% of annual economic output.
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