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Financial News: Hong Kong Retail Sales Growth Strongest Since Feb

Hong Kong Retail Sales Growth Strongest Since Feb 2015

11/03/2017 - 06:24:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales growth accelerated notably in September to the highest level in more than two-and-a-half years, preliminary figures from the Census and Statistics Department showed Friday.

The value of retail sales climbed 5.6 percent year-over-year in September, well above the 2.7 percent rise in August.

Moreover, the latest rate of increase was the quickest since February 2015, when sales had grown 14.8 percent.

The volume of retail sales grew 5.5 percent annually in September, following a 3.2 percent gain in the prior month.

The value of sales of jewelery, watches and clocks, and valuable gifts advanced 14.7 percent annually in September and sales of commodities in supermarkets increased by 2.6 percent.

At the same time, the value of sales of electrical goods and photographic equipment registered a decline of 7.2 percent.

"The performance of retail sales in the near term should continue to be bolstered by the prevailing favorable job and income situation as well as the recovery in inbound tourism," a government spokesman said.

"The Government will continue to monitor closely the external developments, as to how they may affect consumer sentiment and inbound tourism going forward."

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