Retail sales have grown for the past four months, indicating that the country’s economy could finally be getting out of the doldrums.
This is according to Stats SA, which also reported that in 2023 almost every month had recorded negative retail sales figures.
In June retail sales grew by 4.1%, in constant 2019 terms. This reflected an increase on May when retail sales had grown by 1.1%.
Analysts said that the growth was likely because of the lack of loadshedding and positive sentiment following the formation of the Government of National Unity.
The growth in retail sales is likely to continue, as interest rates will probably be cut at the next meeting of the South African Reserve Bank. This will also be a boost to consumers.