In May, nominal retail sales in China grew 10.7% year-on-year, matching both April’s print and the result that market analysts had expected. May’s print reflected that weaker sales for oil and oil-related products and textile were offset by stronger sales for food and cars.
Retail sales expanded a seasonally-adjusted 0.86% in May compared to the previous month, up from April’s 0.9rise. Annual average growth in retail sales was 10.4% in May, unchanged from April.
The government set a retail sales growth target of 10.0% for this year. FocusEconomics Consensus Forecast participants expect retail sales to increase 10.2% in 2017, which is unchanged from last month’s estimate. In 2018, the panel foresees retail sales expanding 10.0%.