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South African Retail-Sales Growth Beats Estimate in May

  • Sales climbed 2.2% from a year earlier, estimate was 1.7%
  • Central bank is forecast to reduce interest rates this week

South African retail-sales growth beat expectations for a second straight month in May, boding well for an economy that contracted in the first quarter.

Retail sales rose 2.2% from a year earlier compared with a revised increase of 2.7% in April, Pretoria-based Statistics South Africa said in a report on its website. The median estimate of 11 economists in a Bloomberg survey was 1.7%.