In July, retail sales rose 1.3% over the same month last year, the lowest level since September 2009. The print came in well below both the 8.5% expansion seen in June and market expectations of a 5.6% increase. The slower expansion in July showed how strong sales for consumer durable goods were partially offset by declining sales of food and non-alcoholic beverages as well as of jewellery and valuable gifts. In seasonally adjusted terms, retail sales fell 0.9% in the three-month period ending in July compared to the previous period ending in April, which contrasted the 1.9% expansion recorded in June. Despite the negative monthly reading, a government spokesman noted that "the still-favourable job conditions and further expansion of inbound tourism should remain generally supportive to the retail business". The government expects full-year economic growth to range between 1.0% and 3.0%.
Hong Kong Retail
Retail sales slow to slowest pace in almost three years
August 30, 2012
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Hong Kong Economic News
October 20, 2016
Inflation came in at 2.7% in September, which was markedly below August’s 4.3%—the largest reading in 17 months.
October 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit rose from August’s 49.0 to 49.3 in September.
September 30, 2016
Hopes last month that a recovery in retail sales might be underway were dampened in August on the back of declining numbers of mainland tourists.
September 22, 2016
Inflation came in at 4.3% in August, which was notably above July’s 2.3%.
September 5, 2016
The Nikkei Hong Kong Purchasing Managers’ Index (PMI) released by IHS Markit climbed from July’s 47.2 to 49.0 in August.