The COVID-19 omicron variant will weigh on the economy in the three months to March 31, but unlike during the delta outbreak, growth should be positive over the quarter, says AMP Capital chief economist Shane Oliver.

Retail sales were buoyant in January despite a shadow lockdown caused by omicron; sales were up 5 per cent on the same time in 2021 and 14 per cent on the year prior, according to Mastercard SpendingPulse data.