New Zealand Retail Sales Q2 2024 -1.2% q/q (expected -1.0%) | Forexlive

New Zealand’s economy was under intense pressure during the quarter after a long and sustained Reserve Bank of New Zealand rate hike cycle.

There was some relief earlier this month,

but not showing in these figures of course.

Q2 Retail Sales -1.2% q/q

• expected -1.0%, prior +0.5%

-3.6% y/y

• prior -2.4%

For core sales -1.0% q/q

• expected -0.8%, prior +0.4%

Some of the points made by Stats NZ:

• Eleven of the 15 industries had lower seasonally adjusted sales volumes in the June 2024 quarter compared with the March 2024 quarter.
• Eleven of the 15 industries had lower seasonally adjusted sales values in the June 2024 quarter compared with the March 2024 quarter.
• Fourteen of the 16 regions had lower seasonally adjusted sales values in the June 2024 quarter compared with the March 2024 quarter.

Ugly results.