Hong Kong's retail sales saw a slower growth in May, with total value up 12.9 percent on a year earlier to 23.1 billion HK dollars (2.96 billion U.S. dollars), the Census and Statistics Department said Thursday.
The moderate growth was mainly due to the high base of comparison last May, when the value of retail sales began to register double-digit growth, it said.
The revised estimate of total retail sales value in April was 22.8 billion HK dollars (2.92 billion U.S. dollars), up 18.6 percent on a year earlier.
Taking this year's first five months together, total retail sales rose 16.8 percent in value and 10.4 percent in volume over the same period last year, according to the department.
The sales volume of miscellaneous consumer durable goods dipped2.9 percent while that of food, alcoholic drinks and tobacco also went down 1.2 percent.
Based on the seasonally adjusted series, the total retail sales volume fell 2.4 percent in the quarter ending May compared with the preceding three-month period.
Looking ahead, the expected global economic slowdown, the ongoing financial market turbulence, inflation and high international commodity prices, the upward pressure on global interest rates, and the consolidation in local asset prices in recent months are likely to have some impact on the local economy and consumer sentiments, the department said.
But the firm labor market conditions and further growth of inbound tourism should continue to support the retail business, it said.
Source:Xinhua
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