China: Retail sales continue to accelerate in June
July 15, 2013
In June, nominal retail sales grew 13.3% over the same month last year, marking an improvement over the 12.9% increase seen in May and representing the highest result observed since December 2012. Furthermore, the figure overshot market expectations of a 12.9% rise. The improvement seen in June was mainly due to the stronger growth in sales of automobiles, as well as sales of oil and related products.
Compared to the previous month, retail sales expanded a seasonally adjusted 1.26% in June, following the 1.15% increase tallied in May. Despite the monthly rise, the trend continues to point downwards, with annual average growth in retail sales inching down slightly from 13.5% in May to 13.4% in June.
The government has set a growth target of 14.5% for retail sales. FocusEconomics Consensus Forecast participants expect retail sales to rise 13.2% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees retail sales expanding 14.3%.