Statistics New Zealand released retail sales data on late Monday evening. Retail sales in New Zealand climbed 1.2% in the fourth quarter, missing expectations for a 1.4% rise, after a 1.5% gain in the third quarter. The third quarter's figure was revised down from a 1.6% increase.
The increase was mainly driven by a rise in hardware, building, and garden supplies, which jumped 5.3% in the fourth quarter.
On a yearly basis, retail sales rose 5.3% in the fourth quarter, exceeding expectations for a 5.2% gain, after a 5.7% increase in the third quarter.