Hong Kong: Retail sales decelerate but continue to grow at double-digit pace
November 1, 2011
In September, retail sales rose 15.2% over the same month last year. The print was below both the 20.7% expansion in August and market analysts' expectations, which had retail sales expanding a stronger 20.5%. The reading reflected slower growth in sales across all main categories. In seasonally adjusted terms, retail sales rose 2.8% in the three-month period ending in September compared to the previous period ending in June, which was below the 3.5% increase recorded in August. A government spokesman stated that domestic demand as well as robust tourist spending would continue to buttress consumption.