(Yicai Global) July 16 -- China's retail sales dropped a mere 1.8 percent annually to CNY3.35 trillion in June as the nation's economy started to show stirrings of recovery from the Covid-19 outbreak that raged earlier this year, the country’s National Bureau of Statistics announced today.

An Yicai Global survey of 27 chief economists at major Chinese financial institutions found they projected, on average, that June retail sales grew 0.45 percent, after recording five consecutive monthly contractions.

Retail sales for the first six months shrank by an annual 11.4 percent, compared with 8.4 percent growth during the same time last year.

China's retail sales fell 2.8 percent in May last year, but grew 9.8 percent the next month.

Editor: Ben Armour