Monday, Hong Kong's Census and Statistics Department announced that the retail sales value dropped 7.7% year-on-year to HK$ 20.8 billion in March, compared to a 12.7% fall in the previous month, revised from 12.6% drop reported initially. Economists had predicted a decline of 5.2%. In January, retail sales value was up 7.4%.
Meanwhile, the volume of retail sales declined 9.3% annually in March, after falling 13.9% in February, revised from 13.8% estimated initially.
For the first three months of the year, retail sales value decreased 3.9% compared to the same period of the previous year. During the period, the volume of retail sales dipped 5.5%.
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