China Retail August 2019


China: Retail sales slow further in August

September 16, 2019

In August, nominal retail sales grew 7.5% on an annual basis, down from the 7.6% increase in July and below market expectations of 7.9%. August’s deceleration mostly reflected sharper contractions in auto sales and oil and oil products sales.

On a seasonally-adjusted basis, retail sales expanded 0.66% in August, up from the 0.21% increase in July. Meanwhile, annual average growth in retail sales inched down from July’s 8.4% to 8.3% in August.

FocusEconomics Consensus Forecast participants expect retail sales to increase 8.4% in 2019, which is down 0.3 percentage points from last month’s estimate. In 2020, the panel foresees retail sales expanding 8.3%.

Author: Ricard Torné, Lead Economist

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China Retail Chart

China Retail August 2019

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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