China: Retail sales disappoint in early 2017
March 14, 2017
In the January-February period, nominal retail sales in China grew 9.5% year-on-year, which was below the 10.9% increase in December. The print represented the weakest growth in over a decade and fell short of the 10.6% increase that market analysts had expected. The reduction of tax incentives to purchase low-emission cars this year led sales for automobiles to plummet at the start of the year.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.95% in February (January: +0.51% month-on-month). Annual average growth in retail sales was stable at January’s 10.3% in February, thereby remaining at the lowest rate since April 2004.