Hong Kong: Retail sales growth decelerates in July
August 31, 2015
In July, retail sales increased 1.9% over the same month last year, decelerating from the 4.4% rise tallied in June and marking a four-month low. July’s reading was mainly the result of a stronger decline in sales of fuels as well as footwear and clothing accessories, which was more than offset by an increase in sales of food and alcoholic drinks.
A government spokesman noted that, “the near-term performance of retail sales will continue to hinge on inbound tourism growth and on whether there would be any negative spillover from the increased stock market volatility of late.” Retail sales fell a seasonally-adjusted 1.4% in the three-month period ending in July compared to the three-month period ending in April.
Author: Eric Denis , Economist