Retail sales in South Africa continue downward trend

According to figures released this Wednesday by Statistics South Africa, retail sales in the country fell 0.8% year on year in January after falling by a revised 0.5% in December.

On a month-on-month basis, sales increased 1.5%.

The numbers are relevant as they offer an insight into consumer demand in Africa’s most industrialised economy

Sales in the three months to the end of January were down 0.2% compared with the same period last year, the statistics agency said

South Africa’s economic growth outlook is bleak this year, with crippling power cuts seen hurting businesses of all sizes and keeping inflation high.