China Retail October 2016

China

China: Retail sales slow in October

November 14, 2016

In October, nominal retail sales grew 10.0% year-on-year, a five-month low, which was below the 10.7% increase recorded in September. The print came in well below the 10.7% increase that market analysts had expected and was mainly the result of weaker sales for automobiles and food and beverages.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.71% in October (September: +0.81% month-on-month). As a result of October’s annual deceleration, annual average growth in retail sales inched down from September’s 10.5% to 10.4%, which represented the weakest reading in over a decade.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.4% in 2016, which is unchanged from last month’s estimate. In 2017, the panel foresees retail sales expanding 10.3%, which is also unchanged from last month’s forecast.


Author: Ricard Torné, Lead Economist

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China Retail October 2016 0

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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