China: Retail sales continue to gain momentum in April
May 13, 2013
In April, nominal retail sales grew 12.8% over the same month last year, which marks an improvement over the 12.6% increase seen in the March and represents the highest result in four months. That said, the print matched market expectations. The acceleration seen in April was mainly due to faster growth in sales of automobiles.
Compared to the previous month, retail sales expanded a seasonally adjusted 1.23% in April, following the 1.29% increase tallied in March. Despite the monthly rise, the trend continues to point downwards, with annual average growth in retail sales falling from 13.7% in March to 13.6% in April.
The government has set a growth target of 14.5% for retail sales. FocusEconomics Consensus Forecast participants expect retail sales to rise 14.3% in 2013, which is down 0.6 percentage points from last month's estimate. In 2014, the panel sees retail sales expanding 15.0%.