China: Retail sales accelerate at the end of Q1
April 15, 2016
In March, nominal retail sales grew 10.5% year-on-year, which was above the 10.2% increase tallied in the first two months of the year. The National Bureau of Statistics releases combined January and February figures to avoid seasonal effects stemming from the Chinese New Year holidays. The reading exceeded the 10.4% increase market analysts had expected and represented a three-month high. Stronger sales of automobiles and food and beverages were behind the acceleration.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.85% in March (February: +0.77% month-on-month). As a result of the rebound observed in March, annual average growth in retail sales stabilized at last month’s 10.6%.