China Retail August 2022


China: Retail sales growth picks up in August

September 16, 2022

Retail sales grew 5.4% in year-on-year terms in August, double July’s figure and above market expectations. The reading was likely supported by a lower unemployment rate in the month. Sales of food, fuel and vehicles rose strongly in August, with the latter boosted by government incentives, while furniture sales declined sharply due to the weak property market.

On a monthly basis, retail sales grew 0.3% in seasonally-adjusted terms in July, which was below June’s 0.8% expansion. Meanwhile, annual average retail sales growth fell to 4.9% in July (June: +7.3%). Retail sales momentum in September is likely to weaken given the snapback of Covid-19 restrictions in several parts of the country.

Our panelists see retail sales rising 3.1% in 2022, down 1.5 percentage points from last month’s forecast, and 9.4% in 2023.


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China Retail Chart

China Retail August 2022 0

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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