China Retail December 2015


China: Growth in retail sales holds up well in December

January 19, 2016

In December, nominal retail sales grew 11.1% year-on-year, which was only a notch down from November’s 11.2% increase. The reading, which undershot the 11.3% increase market had expected, still reflected stronger sales of automobiles, clothes and textiles, and household appliances, supported by sales promotions in mid-December.

Compared to November, retail sales expanded a seasonally-adjusted 0.82% in December (November: +0.85% month-on-month). Despite the stronger readings observed in the last few months, annual average growth in retail sales stabilized in December at November’s 10.7%. The print represented the lowest reading since April 2004.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.8% in 2016, which is unchanged from last month’s estimate. In 2017, the panel foresees an expansion in retail sales of 10.6%.

Author: Ricard Torné, Lead Economist

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China Retail Chart

China Retail December 2015

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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