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Financial News: Hong Kong Retail Sales Growth Exceeds Forecast

Hong Kong Retail Sales Growth Exceeds Forecast

05/31/2018 - 05:58:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales growth accelerated at a faster-than-expected pace in April, driven by strong local consumer spending and buoyant inbound tourism, preliminary data from the Census and Statistics Department showed Thursday.

The value of retail sales grew 12.3 percent year-over-year in April, faster than the 11.5 percent spike in March. That was just above the 12.2 percent rise economists had forecast.

Similarly, the volume of retail sales advanced 11.1 percent annually in April, after 10.1 percent climb in the previous month. The growth was forecast to accelerate to 10.5 percent.

The value of sales of jewellery, watches and clocks, and valuable gifts increased the most by 24.6 percent annually in April, followed by sales of wearing apparel with 6.3 percent rise.

"Looking ahead, favorable job and income prospects and sustained growth in inbound tourism should continue to support retail sales in the near term," a government spokesman said.

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