China: Growth in retail sales slows to an over nine-year low in April
May 13, 2015
In April, nominal retail sales grew 10.0% over the same month last year, which was down from the 10.2% increase tallied in March and represented the softest expansion since February 2006. The reading, which undershot the 10.4% increase that market analysts had expected, mostly reflected a contraction in oil and oil-related products as well as weaker growth in household appliances and clothes and textiles.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.74% in April (March: +0.64% month-on-month). As a result of the disappointing figures observed at the outset of the year, annual average growth in retail sales fell from March’s 11.6% to 11.4% in April, which represented the lowest reading since June 2004.