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Thread: Shock April retail sales crash after VAT increase

  1. #1
    Grand Master of the Friendzone Chris_the_Brit's Avatar
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    Default Shock April retail sales crash after VAT increase

    Aprilís increase in VAT and fuel prices knocked retail sales growth down to a ninth of the 4.5% expected by economists.

    Statistics SA reported on Wednesday that annual retail sales growth decelerated to 0.5%, sharply down from Marchís originally reported 4.8%. Stats SA revised the March figure down to 4.6%.

    "Todayís figures are disappointing, particularly given that consumer spending accounts for just over 60% of GDP," Nedbank's economic unit said in an e-mail.

    In current prices, Stats SA reported Aprilís total retail sales came to R80bn, down from R83bn in March. Stats SA uses constant prices set to 2015 to strip inflation out of its retail growth figures.

    General retailers, which account for 41% of total retail sales, suffered a 1% annual decline to R29bn. Clothing retailers, the second largest category contributing 18% of the total, suffered a 0.5% sales decline to R13bn.

    Pharmacies, which contribute 8% of the total, grew sales 6.2% to R6bn. Furniture stores did best, growing annual sales 11% to R3.3bn, or 5% of the total.

    Said FNB chief economist Mamello Matikinca, "The April print is an important one, not only because it represents the first month of the second quarter, but because it will be the first month to reflect the impact of VAT and fuel price increases on consumersí pockets."
    https://www.businesslive.co.za/bd/ec...-vat-increase/
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    Super Grandmaster Lupus's Avatar
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    See here's the thing, government increases VAT by 1% retailers then go increase everything by 6%? Then you've got the massive petrol shock and the cost of power and water, where do you expect money to come from? Those magic bushes you get as soon as you have a piece of land?
    I've been around for a long, long year

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    Quote Originally Posted by Lupus View Post
    See here's the thing, government increases VAT by 1% retailers then go increase everything by 6%? Then you've got the massive petrol shock and the cost of power and water, where do you expect money to come from? Those magic bushes you get as soon as you have a piece of land?
    That ^^.
    I am of a nation that would not allow that fear of death, of torture, of imprisonment, of exile or persecution should result in the perpetuation of injustice.

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    Wouldn't call this is a shock, more like an inevitability.
    Ottoman cannons can't destroy Byzantine walls. 1453 was an inside job.

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    Not at all surprised.

    Increase vat, tax the crap out of petrol (and then higher international fuel prices).

    But government only knows how to increase taxes.

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    Pharmacies, which contribute 8% of the total, grew sales 6.2% to R6bn.
    No surprises here.
    I am of a nation that would not allow that fear of death, of torture, of imprisonment, of exile or persecution should result in the perpetuation of injustice.

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    Super Grandmaster rietrot's Avatar
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    Todayís figures are disappointing, particularly given that consumer spending accounts for just over 60% of GDP,"
    That's way more worrying than bad growth and completely unsustainable.

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    Quote Originally Posted by rietrot View Post
    That's way more worrying than bad growth and completely unsustainable.
    Bit above the world average, but not particularly unusual. It may well be unsustainable, but it's a global problem.

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    Super Grandmaster Ho3n3r's Avatar
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    Quote Originally Posted by TelkomUseless View Post
    Not at all surprised.

    Increase vat, tax the crap out of petrol (and then higher international fuel prices).

    But government only knows how to increase taxes.
    Yup. When was the last time something was decreased for the benefit of the public? Can only remember interest rates going down slightly, everything else is increased to milk the last little bit out of us.
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    Zimbabwe showed the way that its completely sustainable to keep punishing the population

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    Super Grandmaster rietrot's Avatar
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    Quote Originally Posted by noxibox View Post
    Bit above the world average, but not particularly unusual. It may well be unsustainable, but it's a global problem.
    I would feel better if we don't win the global race to the bottom. And I don't think our reserve bank can buy bond from business to keep everything afloat like the US, ECB or Japan. We just need to start producing more than we consume.

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    Thumbs down Where has ALL the money gone ...?????

    Quote Originally Posted by Chris_the_Brit View Post
    The STATE is the only actor able to siphon money out of the macro-economy at such a rate

    Where has ALL the Tax LOOT gone ?
    WASTED EVERY DIME !


    ALL that high taxation does is enable BIG government AND corruption

    Tax in the "pure" form is mean to be justified because

    1.) Enables the building and maintenance of infrastructure = social-capital

    2.) Shift some of the wealth from the rich to the poor = upliftment programs / poor relief

    Unfortunately in SA Tax;

    Makes the rich richer
    Keeps the poor dependent on the State !
    and
    Keeps supplying hand-out-packages to badly run state institutions with corrupt managers
    and
    Allows them to remain "in business" just long enough to bankrupt the WHOLE COUNTRY !
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    Quote Originally Posted by Ho3n3r View Post
    Yup. When was the last time something was decreased for the benefit of the public? Can only remember interest rates going down slightly, everything else is increased to milk the last little bit out of us.
    Decrease by government ? I loled.

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    cr will be happy for this.

    Don't argue with stupid people, especially for those with power.

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    Quote Originally Posted by MidnightWizard View Post
    The STATE is the only actor able to siphon money out of the macro-economy at such a rate

    Where has ALL the Tax LOOT gone ?
    WASTED EVERY DIME !


    ALL that high taxation does is enable BIG government AND corruption

    Tax in the "pure" form is mean to be justified because

    1.) Enables the building and maintenance of infrastructure = social-capital

    2.) Shift some of the wealth from the rich to the poor = upliftment programs / poor relief

    Unfortunately in SA Tax;

    Makes the rich richer
    Keeps the poor dependent on the State !
    and
    Keeps supplying hand-out-packages to badly run state institutions with corrupt managers
    and
    Allows them to remain "in business" just long enough to bankrupt the WHOLE COUNTRY !
    WTF, do you think this increase is not exploited by retailers? Jirre
    Quote Originally Posted by Cheri_N View Post
    Wanna shag Skootvreter? Oh God, before you answer that question... why Skootvreter?
    View the epicness here --->

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