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%.