Hong Kong's July retail sales by value rose at its fastest pace in nearly two-and-a-half years, as local consumption demand was robust and inbound tourism continued to improve, the Census and Statistics Department said Tuesday.
Retail sales grew 4.0% last month, accelerating from June's 0.1% rise. It beat the median 1.0% forecast of five economists surveyed earlier by Dow Jones Newswires. The July rate marked the strongest annual growth since a 14.8% expansion in February 2015.
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Hong Kong's retail sales by volume rose 4.6% in July from a year earlier, compared with June's 0.5% increase and the survey's median forecast of a 0.8% rise.
A government spokesperson said local consumer sentiment should remain sanguine under favorable job and income conditions. "Nonetheless, the near-term performance of retail sales would also hinge on the recovery pace of inbound tourism amid various uncertainties in the external environment," the person said.
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(END) Dow Jones Newswires
August 29, 2017 05:25 ET (09:25 GMT)