South Africa’s retail sales continued to decline in October, data from Statistics South Africa showed on Wednesday.

Retail sales fell 1.6 percent year-on-year in October, following a 2.4 percent decrease in September. Economists had forecast a 2.7 percent decline.

The biggest negative contribution came from the all ‘other’ retailers, and retailers in pharmaceuticals and medical goods, cosmetics and toiletries.

On a month-on-month basis, retail sales fell 0.2 percent in October, after a 1.0 percent rise in the previous month.

In the three months ended in October, retail sales increased 7.1 percent, after a 24.1 percent rise in the preceding three months.

The material has been provided by InstaForex Company – www.instaforex.com

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