China Retail May 2016


Retails sales slow to an over-one-year low in May

In May, nominal retail sales grew 10.0% year-on-year, which was below the 10.1% increase tallied in April. The reading fell short of the 10.1% increase market analysts had expected and represented a 13-month low. Weaker sales for oil and related products, household applications as well as for food and beverages were behind the deceleration.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.76% in May (April: +0.79% month-on-month). As a result of the mild moderation observed in May, annual average growth in retail sales was stable at last month’s 10.6%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.7% in 2016, which is unchanged from last month’s estimate. In 2017, the panel foresees an expansion in retail sales of 10.6%.

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China Retail Chart

China Retail May 2016

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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