China Retail October 2020

China

China: Retail sales record quickest growth since December 2019 in October

November 16, 2020

Retail sales expanded 4.3% year-on-year in October (September: +3.3% yoy). The reading marked the strongest rise since December 2019.

On a seasonally-adjusted monthly basis, retail sales rose at a more moderate pace of 0.7% in October (September: +3.3% mom). Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 3.8%, down from September's minus 3.6% reading.

FocusEconomics Consensus Forecast participants expect retail sales to increase 12.0% in 2021, which is up 0.2 percentage points from last month’s estimate. In 2022, the panel foresees retail sales expanding 7.1%.


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China Retail October 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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