China Retail July 2019


China: Retail sales slow in July

August 14, 2019

In July, nominal retail sales grew 7.6% on an annual basis, down from the 9.6% increase in June and below market expectations of 8.6%. July’s deceleration mostly reflected contractions in auto sales and oil and oil products sales.

On a seasonally-adjusted basis, retail sales expanded 0.22% in July, down from the 0.96% increase in June. Meanwhile, annual average growth in retail sales was stable at June’s 8.5% in July.

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 July 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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