China's domestic consumption is likely to accelerate in the near future and it will be able to attain a 14.5% growth in retail sales this year, in spite of a downturn in the first quarter. As reported by Xinhua's China Economic Information Service, Shen Dangyang, spokesman for the Ministry of Commerce, stated that the country’s domestic consumption is likely to stabilize during the first half of the year and accelerate further in the second half.
The domestic consumption has been responsible for 55.5% of growth in gross domestic product (GDP) during the first quarter, which was 3.7% points higher than a year ago. The country posted a nominal growth of 12.4% y/y in retail sales in the first quarter of the year, as compared to 14.8% y/y registered during the same period last year.
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