Hong Kong’s retail sales growth accelerated in August, after easing in the previous month, preliminary data from the Census and Statistics Department showed on Tuesday.
The volume of retail sales, which excludes the effect of price changes, rose 8.1 percent year-on-year after a revised 5.9 percent increase in July. In June, the growth was 9.8 percent. Economists had expected a pace of growth of 6.40 percent.
The value of retail sales climbed 9.5 percent year-on-year after a revised 7.8 percent increase in the previous month. In June, the value growth was 11.9 percent. Economists had forecast 8 percent growth.
The robust growth in retail sales was supported by solid local consumption demand and visible growth in visitor arrivals, a government spokesman said.
In the near term, favorable job and income conditions and sustained growth in inbound tourism should render support to the retail sector, the spokesman added.