Retail Sales of Consumer Goods Drop 19% in First Quarter of 2020
China saw a sharp drop in retail sales of consumer goods in the first quarter of 2020 as a result of efforts to contain the spread of COVID-19.
Data released by the Ministry of Commerce (MOFCOM) on 21 April indicates that China’s nationwide retail sales of consumer goods totalled 7.86 trillion yuan in the first quarter of 2020, for a YoY decline of 19%.
MOFCOM said that the rate of decline is easing however, and that growth in online consumption remains steady.
Chinese GDP posted a 6.8% YoY contraction in the first quarter of 2020, while the province of Hubei where COVID-19 first emerged saw a GDP drop of 39.2%.