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%.