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HK's retail sales return to year-on-year growth in Sept

(Xinhua)
Updated: 2009-11-03 13:34

The retail sales of Hong Kong in September grew by 2.4 percent year-on-year to HK$21.4 billion ($2.7 billion), the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government said Monday.

After netting out the effect of price changes over the same period, the volume of retail sales increased by 1.0 percent year-on-year in September, according to the estimates released by the Census and Statistics Department.

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"The retail sales reverted to a small year-on-year increase in September after falling for seven consecutive months, in tandem with a further improvement in local consumer spending and also the revival in inbound tourism," a spokesman said.

The improvement in local consumption in recent months was quite distinct, he said.

The revised estimate of the value of retail sales in August, at HK$22.7 billion ($2.9 billion), edged down by 0.1 percent year on year, while the volume of retail sales decreased by 0.9 percent year on year.

Based on the seasonally adjusted series, the volume of total retail sales increased by 4.5 percent in the third quarter compared to the second quarter.

The HKSAR government spokesman said he expected continued support for consumer confidence and retail sales from factors such as the "the gradual improvement of the local economy, the resilience of the labor market as well as the relief measures."

The rebound in tourism will also help, he added.