China Retail May 2020


China: Retail sales post softest contraction since December 2019 in May

June 15, 2020

Retail sales fell 2.8% year-on-year in May (April: -7.5% yoy). May's print marked the best result since December 2019.

On a monthly basis, retail sales rose 0.79% in May, which was broadly in line with April’s 0.77% expansion. The reading marked the best result since November 2019. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 0.9%, down from April's 0.0%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 1.0% in 2020, which is down 0.1 percentage points from last month’s estimate. In 2021, the panel foresees retail sales expanding 10.0%.

Author: Ricard Torné, Head of Data Analysis

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China Retail Chart

China Retail May 20 20

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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