Hong Kong's retail sales increased at a faster pace in June, and the rate of growth exceeded economists' expectations, data released by the Census and Statistics Department showed Thursday.
Retail sales volume increased 8.5 percent on an annual basis in June, notably faster than the 5.7 percent growth seen in May, which was revised down from 5.8 percent. Economists were looking for a 6.1 percent gain in June.
The sharp increase in sales was driven mainly by a 32.5 percent surge in retail sales of consumer durable goods, the agency said.
Trade in food, alcoholic drinks and tobacco increased 1.6 percent annually during the month, while fuel sales decreased 2.2 percent. Sales of clothing, footwear and allied products were higher by 8.4 percent compared to a year earlier.
In value terms, retail sales grew at a faster rate of 11 percent in June than May's downwardly revised 8.7 percent. The latest growth rate surpassed 9.1 percent economists had forecast.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org