China’s retail sales grew at slower pace in July, well below expectations
DATA MACRO
China’s retail sales grew at slower pace in July, well below expectations
DATA MACRO

China’s retail sales grew at slower pace in July, well below expectations

 

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China’s retail sales grew by 2.7% in July from a year earlier to 3.59 trillion yuan, according to the National Bureau of Statistics, slowing from the 3.1% growth in the previous month and expected 5% gain by analysts survey by Wind Information.

Retail sales excluding automobiles grew by 1.9% on year to 3.2 trillion yuan, according to the NBS.

For the first seven months of the year, China’s retail sales fell 0.2% from a year earlier to 24.6 trillion yuan, and retail sales excluding automobiles grew by 0.2% to 22.1 trillion yuan, showed the data.

In breakdown, retail sales of physical goods grew by 3.2% on year in July to 3.22 trillion yuan, while catering sales fell by 1.5% on year to 369.4 billion yuan, showed the data. For the first seven months of the year, retail sales of physical goods grew 0.5% on year to 22.26 trillion yuan, while catering sales fell 6.8% to 2.37 trillion yuan.

China’s online retail sales grew 3.2% in Jan – Jul from a year earlier to 7.32 trillion yuan, with online retail sales of physical goods up 5.7% to 6.3 trillion yuan, accounting for 25.6% of the country’s total retail sales.