China Retail December 2019


China: Growth in retail sales stabilizes in December

January 17, 2020

In December, nominal retail sales grew 8.0% on an annual basis, matching the result in November. The print was slightly above the 7.9% increase that market analysts had expected. December’s reading mainly reflected that stronger sales of oil and oil-related products and cars were offset by lower sales of food, household appliances and clothing and footwear.

On a seasonally-adjusted basis, retail sales expanded 0.53% in December, below the 0.80% increase in November. Meanwhile, annual average growth in retail sales stabilized at November’s 8.1% in December.

FocusEconomics Consensus Forecast participants expect retail sales to increase 7.9% in 2020, which is down 0.2 percentage points from last month’s estimate. In 2021, the panel foresees retail sales expanding 7.6%.

Author: Ricard Torné, Lead Economist

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China Retail Chart

China Retail December 2019

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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