Hong Kong retail sales grew at faster pace in May, more improvement expected in coming months
DATA MACRO
Hong Kong retail sales grew at faster pace in May, more improvement expected in coming months
DATA MACRO

Hong Kong retail sales grew at faster pace in May, more improvement expected in coming months

 

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Hong Kong’s May retail sales rose 18.4% from a year earlier to to HK$34.5 billion ($4.40 billion) in the sixth consecutive month of growth, compared with a revised 14.9% rise in April and 40.8% growth in March.

In volume terms, retail sales increased 16.5% year-on-year in May. That compared with a revised 13.1% growth in April and 39.3% growth in March.

The growth was driven by the revival of inbound tourism and positive consumption sentiment which should support growth in coming months, the government said.

“Retail sales should continue to improve in the coming months,” a government spokesperson said. “The number of incoming visitors should continue to increase as transportation and handling capacity expand further.”