Department Of Commerce: South Africa'S Retail Sales In July Performed Best This Year

South Africa's retail sales rebounded from the downturn in June and surpassed expectations in July, setting the best performance in 2022, the daily business daily reported on September 14. South African Statistics said retail sales rose 8.6% year-on-year in July, exceeding the consensus forecast of 8.4% after a 2.3% contraction in June. The biggest contribution to the promotion was the general dealers (3.5 percentage points); Retailers of textiles, clothing, footwear and leather products (2.2 percentage points); Food retailers, beverage and tobacco stores (2.1 percentage points). The retail sector grew strongly in the first quarter due to the easing of epidemic restrictions and moderate improvement in employment and income, but in the second quarter, consumers began to feel the pressure of rising food, fuel and energy prices as the Ukraine crisis pushed up commodity prices. Consumer confidence deteriorated in the second quarter, with a sharp contraction in household financial outlook and consumer spending willingness, suggesting further weakness in consumer spending in the coming months. However, the latest data suggest a turnaround, with retail sales up to 2.9% in July so far this year, up from 2.1% in June.