China Retail July 2017


China: Retail sales slow in July

August 14, 2017

In July, nominal retail sales grew 10.4% year-on-year, below the 11.0% rise in June and the 10.8% expansion that market analysts had expected. July’s print mostly reflected weaker sales for cars, food and clothing.

Retail sales expanded a seasonally-adjusted 0.73% in July compared to the previous month, down from June’s 0.91% increase. Annual average growth in retail sales was 10.5% in July, unchanged from June’s print.

The government set a retail sales growth target of 10.0% for this year. FocusEconomics Consensus Forecast participants expect retail sales to increase 10.3% in 2017, which is unchanged from last month’s estimate. In 2018, the panel foresees retail sales expanding 10.0%.

Author: Ricard Torné, Lead Economist

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China Retail Chart

China Retail July 2017

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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