The FINANCIAL — Hong Kong’s retail sales by value fell 5.4% in August from a year earlier, worsening from the previous month amid the slowdown of inbound tourism, the Census and Statistics Department said on October 2, according to Nasdaq.
The decline was sharper than July’s 2.9% fall, and was worse than the median 3.1% decrease forecast of three economists surveyed by The Wall Street Journal.
Hong Kong’s retail sales by volume fell 0.2% in August from a year earlier, reversing July’s 1.8% growth and worse than the survey’s median forecast of a 1.5% increase.
“The near-term outlook for retail sales is still subject to uncertainties, depending on the performance of inbound tourism and on whether there would be further negative impact from the recent heightened stock market volatility,” a government spokesman said in the statement.
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