Australian retail sales advance, might prevent GDP decline

22.04.2020 - Korneychuk Evgeniya
Australian retail sales advance, might prevent GDP decline

Australian retail sales soared to its highest level in March as the pandemic prompted people to purchase large volumes of food and other essentials. The increase might pull the economy from slipping to a sharp contraction in the first quarter.

The Australian Bureau of Statistics on Wednesday showed its initial estimate of retail sales and reported that the sector increased up to 8.2% in March. However, retail sales will likely plunge in April as strict pandemic measures and business shutdowns were imposed.  Though this is the case, the boost in the first quarter is still timely.

The record surpassed the 8.1% increase in 2002 when consumers made large volumes of purchases ahead of goods and services tax. It also went beyond the estimates of economists while it supported sales to an all-time high of A$30 billion. February records showed that sales were up by A$2.28 billion, adding a 0.5 percentage point to the country’s gross domestic product.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?