Hong Kong's retail sales rose unexpectedly in November, preliminary figures from the Census and Statistics Department showed Tuesday.
The retail sale value rose sharply by 4.1 percent year-on-year in November, defying economists' expectations for a 0.2 percent decline. In October, sales rose 1.4 percent.
In volume, retail sales surged 7.5 percent yearly in November, much faster than 4.3 percent growth registered in the prior month. Economists had forecast the rate growth to ease to 2.0 percent.
Sales value of commodities in department stores grew 4.9 percent in November from a year ago and those of supermarket sales increased by 3.5 percent. At the same time, sales of jewelry, watches and clocks and valuable gifts dropped by 2.0 percent.
«Consumer sentiment appeared to have turned more stable, and the notable growth in inbound tourism in that month also provided support,» a government spokesman said.
«Looking ahead, the near-term performance of retail sales will continue to depend mainly on the job and income conditions as well as the expansion pace of inbound tourism. We also need to stay alert to the unsteady external environment and the uncertainties associated with the changing pattern of tourist spending.»
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