HK retailers happy
Source: Bloomberg News |
August 2, 2011, Tuesday
|
Print Edition
Print Edition
HONG Kong's retail sales jumped 28.8 percent in June to HK$31.3 billion (US$4 billion), the biggest gain in more than a year, on tourist arrivals and low unemployment.
The gain compared with 27.8 percent in May and the median 29.6 percent estimate of eight economists in a Bloomberg News survey.
The advance, the government said yesterday, was the biggest since February last year, when spending was swelled by a Lunar New Year holiday.
Sales growth maintained momentum due to "vibrant local consumption demand and tourist spending," the government said. Declines in the Hong Kong dollar, which is pegged to the US currency, make the city's prices more attractive for visiting tourists.
The gain compared with 27.8 percent in May and the median 29.6 percent estimate of eight economists in a Bloomberg News survey.
The advance, the government said yesterday, was the biggest since February last year, when spending was swelled by a Lunar New Year holiday.
Sales growth maintained momentum due to "vibrant local consumption demand and tourist spending," the government said. Declines in the Hong Kong dollar, which is pegged to the US currency, make the city's prices more attractive for visiting tourists.
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