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2026-02-18 19:03:44
[South African Retail Sales Decline 0.4% Month-on-Month in December, Q4 Growth Reaches 3.0% Year-on-Year] ⑴ Statistics South Africa released data on Wednesday showing that retail sales (at constant prices) in December 2025 increased by 2.6% year-on-year, lower than the revised 3.6% in November. Month-on-month, retail sales declined by 0.4% in December. ⑵ The November data was slightly revised upwards from the initial 3.5% to 3.6%. This indicates that year-end consumption momentum was slightly stronger than previously reported. ⑶ Looking at the entire fourth quarter, retail sales in the three months ending in December increased by 3.0% year-on-year, showing that consumer spending maintained a moderate expansionary trend in the last quarter of last year. ⑷ The month-on-month decline in December may reflect a normal pullback after the year-end consumption peak, as well as the continued impact of the high-interest-rate environment on residents' purchasing power. The market will focus on future data to assess the sustainability of consumption trends.
