China Retail March 2019


China: Retail sales growth accelerates in March

April 17, 2019

In March, nominal retail sales grew 8.7% on an annual basis, up from the 8.2% increase in January–February. Moreover, the print beat the 8.4% increase expected by market analysts and represented the strongest result in six months.

March’s acceleration reflected stronger sales of oil and oil-related products and household appliances. Conversely, the contraction in automobile sales deepened in March.

On a seasonally-adjusted basis, retail sales expanded 0.91% in March, up from the 0.74% increase in February. Meanwhile, annual average growth in retail sales inched down from 8.8% in February to 8.7% in March.

China Retail Sales Forecast

FocusEconomics Consensus Forecast participants expect retail sales to increase 8.7% in 2019, which is down 0.1 percentage points from last month’s estimate. In 2020, the panel foresees retail sales expanding 8.5%.


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China Retail Chart

China Retail March 2019

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 for January and February are reported together.
Source: National Bureau of Statistics of China (NBS) and FocusEconomics calculations.

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