China: Retail sales hit eight-month high in August
September 10, 2013
In August, nominal retail sales grew 13.4% over the same month last year, marking an acceleration over the 13.2% increase seen in July. The figure - which slightly overshot market expectations of a 13.3% rise - marks the strongest reading since December 2012. The improvement was mainly due to healthy growth in sales of oil and related products as well as in food and beverages.
Compared to the previous month, retail sales expanded a seasonally adjusted 1.17% in August (July: 1.24% month-on-month). The trend, however, stabilized in August as annual average growth in retail sales remained at July's 13.5%.
The government has set a growth target of 14.5% for retail sales. FocusEconomics Consensus Forecast participants expect retail sales to rise 13.1% in 2013, which is up 0.2 percentage points from last month's estimate. In 2014, the panel sees retail sales expanding 13.7%.