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By
AFP
Published
Oct 4, 2010
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Hong Kong retail sales rise 16.9 percent in August

By
AFP
Published
Oct 4, 2010

HONG KONG, Oct 4, 2010 (AFP) - Strong domestic consumption and tourist dollars helped push retail sales in Hong Kong almost 17 percent higher year on year in August, the government said Monday.

Total retail sales for the month hit 26.5 billion Hong Kong dollars (3.4 billion US dollars), the Census and Statistics Department said, up 16.9 percent year on year and marking the 12th consecutive monthly rise.

Retail sales rose 17.9 percent in the first eight months of 2010 over the same period last year, the department said.

The growth rate was weaker than July's 19.2 percent, but stronger than the median 16.0 percent forecast of five economists surveyed by Dow Jones Newswires.

"Retail sales grew strongly in August, as local consumer spending continued to display strength," a government spokesman said, adding that "vibrant growth in inbound tourism also added impetus to retail sales performance".

The spokesman added: "Looking ahead, improvement in income and job conditions, coupled with thriving inbound tourism, should continue to bode well for retail business."

Sales of consumer durable goods led the gains, rising 55.7 percent, followed by motor vehicles and parts (up 49.6 percent), jewellery, watches, clocks and valuable gifts (up 29.6 percent) and electronic equipment (up 21.3 percent).

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