China: Retail sales hit nine-month high in September

In August, nominal retail sales grew 10.7% year-on-year, a nine-month high which was above the 10.6% increase recorded in August and matched market analysts’ expectations. September’s print was mainly the result of stronger sales for oil and oil-related products, household applications, and clothes and textiles.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.85% in September (August: +0.87% month-on-month). As a result of September’s annual improvement, annual average growth in retail sales stabilized at August’s 10.5%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel foresees retail sales expanding 10.3%,which is also unchanged from last month’s forecast.