2019.11.0111:48:00UTC+00Hong Kong Retail Sales Decline Slows In September

Hong Kong's retail sales decline slowed in September, figures from the Census and Statistics Department showed on Friday.

The volume of retail sales fell 20.4 percent year-on-year in September, following a 25.2 percent decline in August.

The value of retail sales decreased 18.3 percent annually in September, following a 22.9 percent fall in the previous month. Economists had expected a 25.6 percent decline.

Sales of jewelry, watches and clocks, and valuable gifts declined 45.1 percent yearly in September and those of department stores, and clothing, footwear and allied products decreased by 25.5 percent and 23.2 percent, respectively.

"Retail sales saw another month of significant year-on-year decline in September, as the local social incidents continued to take a heavy toll on inbound tourism and consumption-related activities," a government spokesman said.

The volume of retail sales shrunk 19.5 percent year in the third quarter, which was roughly similar to the record decline in the third quarter of 1998.

Protests involving violence continue to deter tourists and reduce local consumption, and the subdued economic outlook also dampens consumer sentiment, the performance of retail sales is likely to stay weak in the near term, the spokesman added.

GDP data released on Thursday showed that the city's economy entered a recession for the first time in a decade and is set to log a contraction this year.