FX.co ★ South Africa Retail Sales Fall 0.8%

Retail sales in South Africa experienced a decline for the second consecutive month in February, according to data provided by Statistics South Africa.

In February, retail sales fell by 0.8% compared to the same period the previous year. The rate of decrease was slower than January's 2.0% drop.

The sharpest decline was suffered by the textile, clothing, footwear, and leather goods sector, which saw a 6.8% decrease on a yearly basis in February. The hardware, paint, and glass sectors didn't fare much better, with a decline of 2.2%.

Despite the prevalent downturn, household furniture, appliances, and equipment saw a surge in demand with sales increasing by 3.6% compared to last year.

Monthly data saw some positive outlook with a 0.4% rebound in retail sales in February, a significant improvement from the 3.2% drop witnessed in January.