China Retail


China: Retail sales moderate in April

May 13, 2014

In April, nominal retail sales grew 11.9% over the same month last year, which was below the 12.2% increase recorded in the previous month. In addition, the moderation undershot market expectations of a 12.2% expansion. The deterioration mainly reflects a deceleration in sales of automobiles and household appliances.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.83% in April (March: +1.24% month-on-month). The trend stabilized in April, with annual average growth in retail sales remaining at the previous month's 12.9%, which represented the lowest level since April 2006.

The government set a retail sales growth target of 14.5% for this year. FocusEconomics Consensus Forecast participants expect retail sales to rise 13.2% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees a slightly higher expansion in retail sales of 13.4%.


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China Retail Chart

China Retail April 2014

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

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