HONG KONG : Hong Kong's May retail sales rose 18.4 per cent from a year earlier in the sixth consecutive month of growth thanks to the revival of inbound tourism and positive consumption sentiment which should support growth in coming months, the government said on Monday.Sales increased to HK$34.5 billio
HONG KONG : Hong Kong's May retail sales rose 18.4 per cent from a year earlier in the sixth consecutive month of growth thanks to the revival of inbound tourism and positive consumption sentiment which should support growth in coming months, the government said on Monday.
The government launched a promotional campaign earlier in March called"Hello Hong Kong" to bring back tourists and businesses and also launched a"Happy Hong Kong" campaign in late May to boost local spending and the economy. "Local consumption demand will continue to be supported by the improved labour market conditions, disbursement of the second installment of consumption vouchers, and promotional efforts by the government and the industry." the spokesperson added.
The economy grew 2.7 per cent in the first quarter from a year earlier thanks to the strong recovery of tourism and domestic demand, which should remain drivers of growth this year. The government has maintained its economic growth forecast of between 3.5 per cent and 5.5 per cent for 2023.
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