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Financial News: Hong Kong Retail Sales Growth Exceeds Forecast

Hong Kong Retail Sales Growth Exceeds Forecast

01/03/2018 - 04:38:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales growth accelerated at a faster-than-expected pace in November to the highest level in nearly three years, preliminary figures from the Census and Statistics Department showed Wednesday.

The value of retail sales climbed 7.5 percent year-over-year in November, well above the 3.9 percent rise in October. Economists had expected the growth to improve to 4.2 percent.

Moreover, the latest rate of growth was the fastest since February 2015, when sales had risen 14.8 percent.

Similarly, the volume of retail sales advanced at a faster pace of 6.9 percent annually in November, following a 3.6 percent increase in the previous month.

The value of sales of jewelery, watches and clocks, and valuable gifts grew the most by 7.9 percent yearly in November, followed by sales of commodities in department stores with 5.7 percent rise.

"The near-term outlook for retail sales remains positive, as consumer sentiment is buttressed by the favorable employment and income situation, and as inbound tourism continues to recover," a government spokesman said.

"The Government will monitor closely the situation."

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