New Zealand Retail Sales Slump Poses Downside Risk for GDP
Pedestrians cross a street in a shopping district in Wellington, New Zealand.
Photographer: Mark Coote/BloombergThis article is for subscribers only.
An unexpectedly large decline in New Zealand retail sales suggests gross domestic product may be weaker than anticipated.
Sales adjusted for inflation and seasonal effects fell 1% in the second quarter from the first, Statistics New Zealand said Wednesday in Wellington. That’s more than twice the 0.4% drop estimated by economists and represents the third straight quarterly contraction.