China: Retail sales accelerate strongly in November
December 10, 2013
In November, nominal retail sales grew 13.7% over the same month last year, which was above the 13.3% rise tallied in October. The expansion overshot the 13.2% increase that markets had expected and represented the fastest growth rate since December 2012. The print mainly reflects an acceleration in sales of oil and oil-related products, as well as of household appliances.
Compared to the previous month, retail sales expanded a seasonally-adjusted 1.32% in November (October: +1.18% month-on-month). Despite the strong annual growth, the trend deteriorated, with annual average growth in retail sales inching down from 13.3% in October to 13.2% in November.
The government has set a growth target of 14.5% for retail sales for 2013. FocusEconomics Consensus Forecast participants are less optimistic and expect retail sales to rise 13.0% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees retail sales expanding 13.5%, which is also unchanged from last month's projection.