China Retail August 2016


Retails sales accelerate in August

In August, nominal retail sales grew 10.6% year-on-year, which was above the 10.2% increase recorded in July and expected by market analysts. August’s print was mainly the result of stronger sales for automobiles as well as for oil and oil-related products.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.83% in August (July: +0.79% month-on-month). Despite August’s healthy print, annual average growth in retail sales fell from 10.6% in July to 10.5% in August, which was the lowest value since April 2004.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel also foresees retail sales expanding 10.4%.

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China Retail Chart

China Retail August 2016 0

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 for January and February are reported together.
Source: National Bureau of Statistics of China (NBS) and FocusEconomics calculations.

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