China Retail

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China: Retail sales continue to lose momentum

August 9, 2012

In July, nominal retail sales grew 13.1% over the same month last year, which was below both the 13.7% rise observed in June and the 13.5% increase expected by the market. The reading represents, in fact, the lowest growth rate since December 2005 - excluding the January and February figures, which are highly distorted by seasonal effects related to the Chinese Lunar New Year holiday. The slowdown was broad-based as a majority of the main sub-components decelerated over the previous month. Compared to the previous month, retail sales expanded a seasonally adjusted 1.05%, following on the 1.29% tallied in June. Owing to the weaker prints seen throughout this year, the trend continues to point downwards, with annual average growth in retail sales falling from 15.9% in June to 15.6% in July.


Author: Ricard Torné, Head of Economic Research

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China Retail July 2012

Note: Month-on-month changes of seasonally adjusted nominal retail sales index and year-on-year variation in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS).


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