Wellington, New Zealand (4E) – Retail spending in New Zealand rose in the second quarter, boosted by rising sales in the motor vehicle and parts stores.
On a seasonally adjusted basis, the total volume of retail sales rose 1.2 percent on quarter in the second period of this year, according to Statistics New Zealand released Thursday.
The figure surpassed forecasts for a 1.0 percent gain following the upwardly revised 0.8 percent increase in the first quarter of 2014 that was originally estimated at 0.7 percent.
The volume of core retailing industries, which excludes industries related to the automobiles, climbed 1.2 percent, compared with the median estimate by 11 economists surveyed by The Wall Street Journal for a 1.0 percent gain.
Adjusted retail sales, which include changes in value, jumped 1.0 percent, down compared with analysts’ forecasts of a 1.2 percent increase.
Neil Kelly, who is the Statistics New Zealand business indicators manager, said the motor-vehicle and parts retailing industry has boosted sales volumes and sales in the recent period, posting their largest gains in two years.