Hong Kong Retail Sales Fall as Slow Reopening Puts Off Recovery
- Sales value drops 0.1% in August, reversing July’s rise
- Tight financial conditions ‘will pose restraints’: Government
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Hong Kong’s retail sales surprisingly contracted in August as Covid restrictions and other global headwinds hobble the city’s attempt at averting recession.
Retail sales value dropped 0.1% in August from a year ago, the Census and Statistics Department said Friday. That was far lower than the median forecast of a 2.7% rise by economists surveyed by Bloomberg, and well below the 4.1% uptick in July.