NZ Retail Sales Above Forecast

New Zealand retail sales rose faster than expected in the first quarter, with most industries reporting gains, a sign that domestic consumption was driving the economy forward, EconomicCalendar reported. Retail sales volume rose 1.5% in the first quarter, following a 0.8% increase in the final three months of 2016, Statistics New Zealand said in a report Monday. Analysts in a median estimate forecast growth of 1.1%. The total value of sales increased 2.6% quarter-on-quarter. March was the eighteen consecutive quarter retail sales contributed positively to the economy. So-called core retail sales accelerated 1.2% from the previous quarter, following a gain of 0.6%. Sales values increased for nine of 15 industries tracked by Statistics New Zealand, with motor vehicle and parts registering record gains in both sales volume and value. Motor vehicle sales have largely underpinned the retail category over the past year, pointing to a resilient economy. Retail sales are a proxy of consumer spending, which drive about 60% of New Zealand’s economy.