China Retail June 2020

China

China: Retail sales record softest contraction since December 2019 in June

July 16, 2020

Retail sales dropped 1.8% year-on-year in June (May: -2.8% yoy). June's result marked the smallest decline since December 2019.

On a monthly basis, retail sales increased 1.34% in seasonally-adjusted terms in June, which was above May’s 0.85% expansion and marked the best result since March 2013. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 1.9%, down from May's minus 0.9% reading.

FocusEconomics Consensus Forecast participants expect retail sales to be flat in 2020, which is down 1.0 percentage points from last month’s estimate. In 2021, the panel foresees retail sales expanding 10.6%.


Author: Ricard Torné, Head of Data Analysis

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China Retail June 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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