Australian retail trade up

July 4th, 2012 - 2:18 pm ICT by IANS  

Sydney, July 4 (IANS) Australian retail turnover rose 0.5 percent in May, following a rise of 0.1 percent in April, according to figures released Wednesday by the Australian Bureau of Statistics (ABS).

The ABS said the majority of industries recorded a rise in May, with cafes, restaurants and takeaway food services and household goods retailing being the main drivers of the growth, reported Xinhua.

Retail trade rose in the month to 21.31 billion AU dollars ($21.94 billion), compared to 21.20 billion AU dollars ($21.83 billion) in April, the latest ABS data showed.

Economists had forecast a rise of 0.2 percent in May.

Australian economists believe that the better than expected retail trade figures is another sign of picking up in the Australian retail sector.

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