Hong Kong: Retail sales contract slightly in August
October 2, 2015
In August, retail sales fell 0.1% over the same month last year, which contrasted the 1.8% rise tallied in July and marked a seven-month low. August’s reading was mainly the result of a significant decline in sales of jewelry and commodities in department stores.
A government spokesman noted that, “the near-term outlook for retail sales is still subject to uncertainties, depending on the performance of inbound tourism and on whether there would be further negative impact from the recent heightened stock market volatility.”
Retail sales fell a seasonally-adjusted 0.2% in the three-month period ending in August compared to the three-month period ending in May.
Author: Eric Denis , Economist