China Retail


Retail sales accelerate strongly in November

In November, nominal retail sales grew 13.7% over the same month last year, which was above the 13.3% rise tallied in October. The expansion overshot the 13.2% increase that markets had expected and represented the fastest growth rate since December 2012. The print mainly reflects an acceleration in sales of oil and oil-related products, as well as of household appliances.

Compared to the previous month, retail sales expanded a seasonally-adjusted 1.32% in November (October: +1.18% month-on-month). Despite the strong annual growth, the trend deteriorated, with annual average growth in retail sales inching down from 13.3% in October to 13.2% in November.

The government has set a growth target of 14.5% for retail sales for 2013. FocusEconomics Consensus Forecast participants are less optimistic and expect retail sales to rise 13.0% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees retail sales expanding 13.5%, which is also unchanged from last month's projection.

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China Retail Chart

China Retail November 2013

Note: Month-on-month changes of seasonally adjusted nominal retail sales index and year-on-year variation in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS).

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