HONG KONG- Hong Kong’s May retail sales fell 11.5 percent from a year earlier reflecting both lower sales volumes and the strength of the Hong Kong dollar, government data showed on Tuesday.
Sales fell to HK$30.5 billion ($3.90 billion) in a third consecutive month of decline after a 14.7 percent drop in April and a 7 percent decline in March.
In volume terms, retail sales fell 12.9 percent year-on-year in May, compared with a 16.5 percent drop in April and a 8.7 percent fall in March.
Hong Kong’s economy grew 2.7 percent in the first quarter on the year, official advance estimates showed, driven by an increase in visitor arrivals and private consumption.
That compared with 4.3 percent growth in the fourth quarter and a revised 4.2 percent, 1.6 percent and 2.8 percent growth in third, second and first quarters, respectively.
