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Financial News: Hong Kong Retail Sales Growth Improves Unexpectedly

Hong Kong Retail Sales Growth Improves Unexpectedly

07/03/2018 - 06:11:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales growth accelerated unexpectedly in May, preliminary data from the Census and Statistics Department showed Tuesday.

The value of retail sales advanced 12.9 percent year-over-year in May, faster than the 12.2 percent spike in March. Meanwhile, economists had expected the growth to ease to 11.5 percent.

Similarly, the volume of retail sales grew 11.6 percent annually in May, above the 11.0 percent climb in the previous month.

The value of sales of jewelery, watches and clocks, and valuable gifts increased the most by 23.8 percent annually in May, followed by sales of commodities in department stores with 16.7 percent surge.

"Looking ahead, the near-term outlook for retail sales business should stay positive, given the robust labor market and sustained growth in inbound tourism," a government spokesman said.

"The Government will monitor the situation closely, in particular how the marked increase in external uncertainties of late may affect consumption sentiment going forward."

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