Australian Retail Sales Growth Slows Less Than Expected

Australia’s retail sales growth slowed less than expected pace in April, preliminary estimates from the Australian Bureau of Statistics revealed on Friday.

Retail sales rose 1.1 percent month-on-month in April, slower than the 1.3 percent increase seen in March. Economists had forecast sales to grow at a much weaker pace of 0.5 percent in April.

The monthly growth was driven by a 1.5 percent rise in food retailing following falls in February and March. Cafes, restaurants and takeaway food services climbed 2.5 percent. Through-the-year sales surged 25.1 percent in April from the last year, following a 2.2 percent annual rise in March.

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