Hong Kong's retail sales increased at a slower pace in May, and the rate of growth missed economists' expectations, preliminary data released by the Census and Statistics Department showed Tuesday.
Retail sales volume increased 5.8 percent on an annual basis in May, notably slower than the revised 7.6 percent gain seen in April. Economists were looking for a 6.7 percent expansion.
In the three months ended May, sales volume increased a seasonally adjusted 2.8 percent from the preceding three-month period, data showed.
In the first five months of 2012, total retail sales volume increased 9.1 percent from the corresponding period a year earlier.
In value terms, retail sales increased 8.8 percent year-on-year in May, after rising a revised 11.4 percent in the previous month. The latest figure was lower than 9.7 percent economists' forecast.
by RTT Staff Writer
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