China: Growth in retail sales decelerates in July
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.