Retail sales growth in June falls below expectations

Hong Kong’s retail sales extended growth in June from the previous month while the increase narrowed to 0.7 percent and fell short of market estimates, official data shows.

The value of total retail sales rose to HK$30.1 billion during the month and failed to meet market expectations of a 1.4 percent year-on-year increase, according to the Census and Statistics Department.

In May, sales value climbed 2.4 percent, ending 14 consecutive months of decline.

Online retail sales jumped 8.4 percent to HK$2.5 billion in June, accounting for 8.5 percent of the total. However, for the first six months of the year, total retail sales value still declined 3.3 percent, while online sales fell 0.4 percent.

A government spokesman said the retail sector has stabilized in recent months, and anticipated that an outperforming stock market and growing tourism backed by the government will boost consumption sentiment and retail business.

STAFF REPORTER