Hong Kong's retail sales by value edged up by 0.1% in April from a year earlier, easing from the previous month, due to a fall in tourist spending and cautious local consumption sentiment, the Census and Statistics Department said Thursday.
The growth rate was lower than March's 3.0% rise and weaker than the median forecast for a 2.8% increase from five economists surveyed by The Wall Street Journal. For the first four months of 2017, the value of total retail sales fell 1% from a year earlier.
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Hong Kong's retail sales by volume fell 0.1% in April from a year earlier, reversing March's 2.6% increase, which was weaker than the survey's median forecast for a 2.6% rise.
Looking ahead, the near-term outlook for retail sales will hinge on the recovery pace of inbound tourism as well as the resilience of local consumption sentiment amid various external uncertainties, a government spokesman said.
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(END) Dow Jones Newswires
June 01, 2017 05:05 ET (09:05 GMT)