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SA retail sales drop unexpectedly

South Africa’s retail trade fell by 0, 9 percent from a year earlier in February, compared with a 7,7 percent surge in the previous month, worse than market estimates of an increase of 1.1 percent.

Statistics SA reported on Wednesday, that it was the first drop in retail activity since last August, mainly due to lower hardware, paint, and glass sales dropping by 4.9 percent compared to 12, 2 percent sales.

Compared to 67, 5 percent sales in January, food, beverages, and tobacco declined by 4.4 percent.

Other negative contributions came mainly from general dealers down to 2, 1 percent compared to 6, and 2 percent in the same period.

On a monthly basis, retail trade declined by 0.5 percent, following an upwardly revised 2.3 percent increase in the previous month.

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