By Chester Yung
HONG KONG--Hong Kong's retail sales by value fell 2.9% in October from a year earlier, the 20th consecutive month of declines, according to Census and Statistics Department data.
October was an improvement on September's 4.0% fall. Economists expected a median forecast of a 5.2% drop, according to a Wall Street Journal survey. A slowing Hong Kong economy has weighed on local consumer sentiment.
Retail sales by volume fell 2.7% in October from a year earlier, better than September's 3.8% drop and the survey's median forecast for a 5.0% fall.
Looking ahead, the near-term outlook for retail sales will still hinge on inbound tourism as well as the extent to which local consumer sentiment willbe hurt by global uncertainties, a government spokesman said in the statement.
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(END) Dow Jones Newswires
December 01, 2016 03:59 ET (08:59 GMT)
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