SYDNEY, Aug 27 (Reuters) - Australian retail sales plunged in July as coronavirus lockdowns shut shops and services in the nation’s largest city, further evidence the economy is set to contract sharply this quarter as the Delta variant of the virus spreads.
Figures from the Australian Bureau of Statistics out on Friday showed retail sales fell 2.7% in July to A$29.8 billion ($21.55 billion) from June, when travel restrictions had already caused a 1.8% drop. It was the largest decline this year and even worse than market forecasts of a 2.3% fall.
The A$360 billion retail sector accounts for around 18% of gross domestic product and further weakness is expected this month as lockdowns engulf Melbourne and Canberra. ($1 = 1.3827 Australian dollars) (Reporting by Wayne Cole; Editing by Christian Schmollinger)
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August 27, 2021 at 08:39AM
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Australia retail sales dived 2.7% in July as COVID-19 shut shops - Reuters
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