Thursday, the Hong Kong Census and Statistics Department said in a report that the retail sales value decreased 6.2 percent year-over-year in May, after falling 4.3 percent in April, revised from 4.4 percent decline reported initially. Economists were looking for a decline of 8.8 percent.
In volume terms, retail sales dropped 6.4 percent annually in May, compared with a 5.4 percent fall in April, revised from 5.5 percent drop estimated in the preceding report. Economists had expected a drop of 8.7 percent.
For the first five months of the year, retail sales value declined 4.4 percent compared to the same period of the previous year. At the same time, retail sales volume dipped 5.6 percent over a year ago.
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