Australia retail sales surge 4.9% in Oct as economy revives
SYDNEY, Nov 26 (Reuters) - Australian retail sales rebounded in October as the lifting of many stay-at-home restrictions unleashed a wave of pent-up shopping, further evidence the economy is recovering rapidly from a pandemic-induced slump.
Data from the Australian Bureau of Statistics out on Friday showed retail sales jumped 4.9% in October, to extend September's surprisingly strong 1.7% bounce.
That was almost double market forecasts of a 2.5% gain and means the A$360 billion ($258 billion) retail sector will make a major contribution to economic growth this quarter. ($1 = 1.3945 Australian dollars)
Reporting by Wayne Cole; Editing by Himani Sarkar
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