In June, retail sales rose 22.2% over the same month last year. The print was above the revised 21.1% expansion in May (previously reported: +21.6% year-on-year) and exceeded market analyst expectations, which had retail sales expanding a softer 21.5%. The expansion was driven by resilient growth in sales of consumer durable goods as well as jewellery, watches and valuable gifts, while sales of food dropped for a third consecutive month. In seasonally adjusted terms, retail sales rose 5.6% in the three-month period ending in June compared to the previous period ending in March, which was below the 7.4% increase recorded in May. Despite the moderation, the reading confirmed the resilience of consumer demand. A government spokesman stated that domestic demand as well as robust tourist spending will continue to buttress consumption. Moreover, the government expects GDP to expand 5.0%-6.0% this year, owing to strong economic activity.
Hong Kong Retail
Tourism continues to buttress retail sales
August 1, 2011
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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.