China: Growth in retail sales decelerates to multi-year low in November
In November, nominal retail sales grew 8.1% on an annual basis, a deceleration from the 8.6% expansion registered in October and the lowest reading since 2003. The print was well below market expectations of an 8.8% increase. November’s print was driven by a fall in sales of automobiles as well as weaker sales of catering- and petroleum-related products.
On a seasonally-adjusted basis, retail sales expanded 0.51% in November, edging down from the revised 0.63% increase in October (previously reported: +0.64% month-on-month). Meanwhile, annual average growth in retail sales inched down from 9.3% in October to 9.1% in November.