Hong Kong: Retail sales beat expectations in November
January 3, 2013
In November, retail sales rose 8.1% over the same month last year. The print came in well above both the 3.6% expansion seen in October and market expectations of a 3.7% increase. The faster-than-expected expansion in November was driven by strong growth in sales of luxury goods as well as of consumer durable goods.
In seasonally adjusted terms, retail sales jumped 3.7% in the three-month period ending in November compared to the previous period ending in August, and accelerated from the 1.8% increase recorded in October.
A government spokesman reiterated that strong inbound tourism and stable labour market conditions should support retail sales, but noted that "the unsteady external environment" may affect the local economy and consumer sentiment going forward.
The government expects full-year economic growth to range between 1.0% and 2.0%.