According to the National Statistics Department (NBS), retail trade volumes grew by 0.6% year-on-year in July. Analysts surveyed by Bloomberg expected a 1.5% growth. For comparison, the annual growth in June was 1%.
Since the end of the COVID-19 pandemic, the country’s leaders have been struggling with sluggish domestic consumption, as it threatens overall economic growth, even while exports and some high-tech sectors are thriving.
