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.
Author: Lindsey Ice, Economist