New Zealand's retail sales decline as the Reserve Bank prepares to lower interest rates further.

New Zealand's retail sales fell 0.1% in the third quarter, with 10 out of 15 industries seeing a drop in sales. Supermarkets and food services were hit hardest, though motor vehicle and electronics sales rose. The Reserve Bank of New Zealand is expected to cut the official cash rate by 50 basis points, totaling a 125 basis point reduction since mid-year, to combat economic downturn.

November 24, 2024
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