Retail sales to detract from Q1 GDP growth

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By Leith van Onselen

Today’s retail sales figures should detract from Australia’s March quarter GDP when the national accounts are released early next month.

As noted earlier, monthly sales values registered a 0.1% fall in March in seasonally adjusted terms and only 2.1% growth over the year, with trend growth also weakening:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.