Source: Xinhuanet
04-03-2007 09:54
Special Report: HK 10 YearsHong Kong's value of total retail sales in February grew to a provisionally estimated 20.8 billion Hong Kong dollars (2.66 billion U.S. dollars), Hong Kong Census and Statistics Department said on Monday.
The figure is 28.4 percent up on the same month last year, the department said.
After netting out the effect of price changes, the volume of total retail sales grew 25 percent. The revised estimate of the value of total retail sales in January fell 1.5 percent to 20.8 billion Hong Kong dollars(2.66 billion U.S. dollars), while the volume of total retail sales dropped 4.9 percent.
The department said the figures signify continued strength in consumer spending, underpinned by improving economic fundamentals and the wealth effect stemming from the buoyant stock market performance in February. It foresaw that rising labor income and upbeat consumer sentiment should continue to provide firm support to retail business.
According to the statistics released by the department, combined retail sales in January and February surged 11.4 percent in value or 8 percent in volume over the same period last year. Analyzed by retail outlet, the volume of sales of jewelry, watches and clocks, and valuable gifts increased the most, by 14.5 percent.
The period also saw a 2.2 percent fall in the sales volume of miscellaneous consumer durable goods compared with a year earlier.Based on the seasonally adjusted series, the volume of total retail sales rose 5.1 percent in the three months ending February compared with the preceding three-month period.
Editor:Li Yang
