Hong Kong: Retail sales accelerate in June
August 2, 2012
In June, retail sales rose 8.5% over the same month last year. The print came in above both the 5.7% expansion seen in May and market analysts expectations of a 5.7% increase. The reading showed stronger sales of durable goods as well as of clothing and footwear. In seasonally adjusted terms, retail sales added 1.9% in the three-month period ending in June compared to the previous period ending in March, which was below the 2.8% expansion recorded in May. A government spokesman noted that the retail business should continue to benefit from the still-vibrant job market conditions and further expansion of inbound tourism in the near term. The government expects full-year economic growth to range from 1.0% to 3.0%.