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Financial News: Hong Kong Retail Sales Growth Eases Less Than

Hong Kong Retail Sales Growth Eases Less Than Forecast

05/03/2018 - 05:47:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales growth eased at a slower-than-expected pace in March, preliminary data from the Census and Statistics Department showed Thursday.

The value of retail sales grew 11.4 percent year-over-year in March, much slower than the 29.9 percent jump in February. Economists had expected the growth to moderate to 10.9 percent.

Similarly, the volume of retail sales advanced 10.0 percent annually in March, well below the 28.3 percent surge in the previous month. The growth was forecast to slow to 8.6 percent.

The value of sales of jewellery, watches and clocks, and valuable gifts increased the most by 23.1 percent annually in March, followed by sales of wearing apparel with 11.2 percent rise.

Meanwhile, the value of sales of motor vehicles and parts decreased by 3.5 percent.

"Looking ahead, the outlook for retail sales should stay sanguine in the near term, given the positive employment and earnings prospects, and the buoyant inbound tourism," a government spokesman said.

"The Government will monitor closely the situation, in particular how the evolving external uncertainties will shape local consumption sentiment going forward."

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