China Retail July 2016


China: Retails sales moderate in July

August 12, 2016

In July, nominal retail sales grew 10.2% year-on-year, which was below the 10.6% increase tallied in June and in line with market expectations. July’s print was the result of softer sales for automobiles, food and beverages, as well as for household appliances. Prices for oil and related products continued to fall in July, mainly reflecting lower gasoline prices.

Compared to the previous month, retail sales expanded a seasonally-adjusted 0.75% in July (June: +0.91% month-on-month). As a result of July’s healthy print, annual average growth in retail sales remained stable at the previous month’s 10.6%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 10.5% in 2016, which is unchanged from last month’s estimate. In 2017, the panel foresees retail sales expanding 10.4%.

Author: Ricard Torné, Lead Economist

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China Retail Chart

China Retail July 2016

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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