Retail and Wholesale

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    July retail trade sales registered the fifth consecutive positive reading for 2017, expanding 1.8% y/y (unadjusted) from an upwardly revised 3.2% in June. In fact, all of the second quarter numbers were revised higher, but it remains to be seen whether this will have any impact on the quarter’s GDP numbers when they are next […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    June retail trade sales expanded 2.9% y/y (unadjusted), the strongest figure posted since November 2016. General dealer sales, which accelerated to 2.5% y/y, added 1.1 pps while a 12.4 % y/y increase in food and beverage sales added another 0.9 pps. After a very poor start to the year, it appears that clothing retailers may […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    March retail trade sales expanded 0.8% y/y, the first positive print for the year. It was, however, not enough to drag the sector into positive territory for the quarter, and we expect retail sector GDP to contract by -3.5% q/q in 1Q17, shaving half a percentage point off GDP. Retailers of food and beverages, pharmaceutical […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    February’s retail trade sales, which contracted by -1.7% y/y from -2.3% in January, provided further support to our view that the economy has entered a technical recession (two consecutive quarters of contraction). While the m/m number was up 0.8% on a seasonally adjusted basis, the three month quarterly change reflects a -1.3% contraction, and the […]

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    Mamello is macroeconomic analyst. Prior to joining FNB she worked as a macroeconomic analyst for the RMB global markets research team. She started her career at the Bureau for Economic Research, working as a trainee Economist. Mamello holds a Bachelor of Commerce Honours Degree (Econometrics) from the University of Johannesburg.

    Retail sales maintained its weakening bias in January, contracting by a notable -2.3% y/y after rising 1.0% in December. While the contraction is partly due to base effects, high inflation, weak household credit extension and the lag effect from the interest rate hike last year, also explain the weakening trend in retail sales. There was […]

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