Retail sales increase 26% in HK
Source: Bloomberg News |
May 4, 2011, Wednesday
|
Print Edition
Print Edition
HONG Kong's retail sales rose a more-than-forecast 26 percent in March from a year earlier on reduced unemployment and increased tourist numbers.
Sales climbed to HK$31.2 billion (US$4 billion) after a revised 8.5 percent gain in February, the government said yesterday on its website. That was more than the median 18.5 percent estimate of eight economists in a Bloomberg News survey.
Unemployment fell to the lowest level since the financial crisis in the first quarter. Visitor arrivals from the Chinese mainland increased 23 percent in March from a year earlier, according to the Hong Kong Tourism Board.
"Consumers are happy to spend their paychecks due to better job prospects," said Joanne Yim, chief economist at Hang Seng Bank Ltd in Hong Kong. "The strong inflows of tourists also helped prop up the retail business."
Hong Kong will give a handout of HK$6,000 to each permanent resident, Financial Secretary John Tsang said last month. The money will encourage retail spending and benefit companies including Hutchison Whampoa Ltd and Lifestyle International Holdings Ltd, CLSA Asia-Pacific Markets said in March.
By volume, retail sales grew 20 percent in March from a year earlier, the government said.
Sales climbed to HK$31.2 billion (US$4 billion) after a revised 8.5 percent gain in February, the government said yesterday on its website. That was more than the median 18.5 percent estimate of eight economists in a Bloomberg News survey.
Unemployment fell to the lowest level since the financial crisis in the first quarter. Visitor arrivals from the Chinese mainland increased 23 percent in March from a year earlier, according to the Hong Kong Tourism Board.
"Consumers are happy to spend their paychecks due to better job prospects," said Joanne Yim, chief economist at Hang Seng Bank Ltd in Hong Kong. "The strong inflows of tourists also helped prop up the retail business."
Hong Kong will give a handout of HK$6,000 to each permanent resident, Financial Secretary John Tsang said last month. The money will encourage retail spending and benefit companies including Hutchison Whampoa Ltd and Lifestyle International Holdings Ltd, CLSA Asia-Pacific Markets said in March.
By volume, retail sales grew 20 percent in March from a year earlier, the government said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
