Hong Kong’s retail sales grew at a faster-than-expected pace of 7.9 percent in May, helped by the ongoing economic expansion and sustained tourist demand.
That compared to an increase of 6.7 percent for the month forecast by economists, and a revised growth estimate of 8.7 percent in April.
For the first five months of the year, sales rose 10.6 percent from the year prior, according to data from the Census and Statistics Department on Thursday. It also advanced by 4.6 percent in the three months through May from the preceding three-month period on a seasonally adjusted basis.
In May, total retail sales value amounted to HK$33.8 billion.
In volume terms, retail sales gained 4.8 percent in the month after netting out the effect of price changes, also slower than the revised estimate of a 6.5 percent increase in April.
Analyzed by type, sales of other consumer goods not elsewhere classified increased by 14.8 percent in the month, followed by a 25.8 percent rise in jewellery, watches and clocks sales.
On the other hand, food, alcoholic drinks and tobacco sales dipped by 0.3 percent in May, while fuel sales plunged 12.2 percent as prices climbed. A 9.5 percent decline in sales of Chinese drugs and herbs was also recorded in the month.
Looking ahead, the ongoing economic expansion and sustained growth in local labor earnings, together with continued increase in inbound visitors, should benefit the retail businesses, a government spokesman said.
