China: Retail sales steady in October
November 9, 2013
In October, nominal retail sales grew 13.3% over the same month last year. The increase matched the result tallied in the previous months and just undershot market expectations of a 13.4% rise. The print mainly reflects an acceleration in sales of automobiles and oil-related products, which was offset by a moderation in sales of clothes and textiles.
Compared to the previous month, retail sales expanded a seasonally-adjusted 1.19% in October (September: +1.26% month-on-month). The trend deteriorated, with annual average growth in retail sales inching down from 13.4% in September to 13.3% in October.
The government has set a growth target of 14.5% for retail sales for 2013. FocusEconomics Consensus Forecast participants are less optimistic and expect retail sales to rise 13.0% in 2013, which is unchanged from last month's estimate. In 2014, the panel sees retail sales expanding 13.5%, which is also unchanged from last month's projection.