China Retail April 2018

China

China: Growth in retail sales weakens in April

May 15, 2018

Nominal retail sales grew 9.4% on an annual basis in April, moderating from the 10.1% expansion registered in March and marking the weakest growth in four months. April’s print fell shy of market expectations of a 10.0% increase. The moderation was driven by slowdowns in sales of catering, which grew at the weakest pace in over three years; household appliances; and clothing, footwear and accessories. Conversely, petroleum and petroleum-related products sales growth accelerated to the fastest rate in over a year. Meanwhile, growth in car sales was steady in April.

On a seasonally-adjusted monthly basis, retail sales expanded 0.66% in April, down from a revised 0.71% increase in March (previously reported: +0.73% month-on-month). Annual average growth in retail sales came in at 10.1% in April, down from 10.3% in March.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.3% in 2018, which is down 0.2 percentage points from last month’s estimate. In 2019, the panel sees retail sales expanding 10.1%.


Author:, Economist

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China Retail April 2018

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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