Dive Summary:
- Retail Sales in Australia have seen a sharp increase in February which reached the highest total for sales in three years, surging past the projected increase.
- Initially expecting gains of roughly 0.3%, Australia has seen retail sales climb a total of 1.3% at the beginning of 2013.
- Stephen Walters, Chief Economist at JP Morgan calls the results, “very strong, very surprising” as the figures indicate the high totals are essentially a boon for the economy.
From the Article:
"The revival in sales is a boon for the economy as the A$260bil (US$265bil) retail sector accounts for 17% of Australia's A$1.5 trillion gross domestic product (GDP) and over 10% of all jobs."
