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Hong Kong Jan. Retail Sales Grow Less Than Forecast

3/1/2012 3:51 AM ET

Hong Kong's retail sales value as well as volume increased less than expected in January, the Census and Statistics Department said Thursday.

The annual growth in retail sales value slowed to 14.9 percent from 23.5 percent in December. Economists were expecting the value to grow 24 percent.

Retail sales volume climbed 9.1 percent from a year ago, much slower than the 17.1 percent rise in the prior month. The slowdown was triggered by weaker food sales.

The government spokesman said that looking ahead, the improved income conditions and the prevailing strength of inbound tourism should continue to render support to the retail business in the near term.

by RTT Staff Writer

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