China Retail July 2018

China

China: Growth in retail sales decelerates in July

August 14, 2018

In July, nominal retail sales grew 8.8% on an annual basis, a slight deceleration from the 9.0% expansion registered in June and undershooting market expectations of a 9.1% increase. July’s print was driven by a broad-based moderation, with catering, garments and home electronic and video appliances registering softer growth in sales compared to June. Sales of petroleum and petroleum-related products, however, increased at a stronger pace in July than in June. Meanwhile, car sales continued to contract in July, albeit at a gentler pace.

On a seasonally-adjusted basis, retail sales expanded 0.67% in July, edging down from the 0.74% increase in June. Annual average growth in retail sales inched down from 9.7% in June to 9.6% in July.

China Retail Sales Forecast


FocusEconomics Consensus Forecast participants expect retail sales to increase 10.0% in 2018, which is down 0.2 percentage points from last month’s estimate. In 2019, the panel sees retail sales expanding 9.9%.


Author:, Economist

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China Retail July 2018

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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