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Retail Sales (Mar.)

Despite the healthy 0.7% m/m gain in retail sales volumes in March, earlier reports showing far more tepid increases in manufacturing and wholesale trade suggest that the economy ended the first quarter on a somewhat softer note. Nevertheless, given the stronger growth recorded earlier in the quarter, we estimate that GDP grew by 2.2% annualised, up from the meagre 0.6% in the final quarter of last year.

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