Hong Kong July Retail Sales Rise at Fastest Pace in Nearly Two-And-a-Half Years
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.
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.
Write to Chester Yung at email@example.com
(END) Dow Jones Newswires
August 29, 2017 05:25 ET (09:25 GMT)