News brief: NT retail trade figures slow down

by | May 11, 2022 | News Brief | 0 comments

The Territory’s seasonally adjusted retail trade for March 2022 went up by 1.9 per cent to $301 million against the previous month buoyed mainly by purchases of household goods, data from the Department of Treasury and Finance shows.

Seasonally adjusted data allow for a more accurate comparison of economic conditions from period to period.

Yearly results, however, indicate that the Territory’s retail trade (seasonally adjusted) slipped by 0.4 per cent—the weakest result among the jurisdictions—pulled down by the food retailing sector.

The Territory’s retail trade turnover, in inflation-adjusted terms, was also down by 1.7 per cent to register at $840 million for the quarter ending March 2022, the lowest among jurisdictions. The turnover results of other jurisdictions averaged from a 0.9 per cent decline in Tasmania to a 4.2 per cent increase in the Australian Capital Territory over the same period.

Year on year, the Territory’s retail turnover decreased by four per cent, again, the lowest result among jurisdictions. In other jurisdictions, the annual change ranged from a 0.1 per cent increase in Tasmania to a 6.9 per cent increase in Victoria.

On the whole, retail turnover increased by 1.2 per cent in the quarter to $93.2 billion, and by 4.9 per cent compared with the March quarter of 2021.

 

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