China: Growth in retail sales slows further in July
August 13, 2014
In July, nominal retail sales grew 12.2% over the same month last year, which was slightly below the 12.4% increase recorded in the previous month. The deceleration, which undershot market expectations of a 12.5% expansion, mainly reflected weaker growth in sales of food and beverages as well as of oil and oil-related products.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.86% in July (June: +0.95% month-on-month). As a result of the weaker print observed in July, annual average growth in retail sales inched down from June’s 12.8% to 12.7%, which represented the lowest level since March 2006.