China: Strong growth momentum in retail sales continues in November
December 12, 2015
In November, nominal retail sales grew 11.2% over the same month last year, which was slightly up from October’s 11.0% increase. The reading, which overshot the 11.1% increase market had expected, mostly reflected stronger sales of automobiles, clothes and textiles, and household appliances. Overall, retail sales benefited from purchases related to China’s Singles’ Day on 11 November, while a tax cut on small cars supported growth in automobiles sales.
Compared to the previous month, retail sales expanded a seasonally-adjusted 0.86% in November (October: +0.81% month-on-month). Despite the stronger readings observed in the last few months, annual average growth in retail sales inched down, falling from October’s 10.8% to 10.7% in November. The print represented the lowest reading since April 2004.