Thursday, Hong Kong's Census and Statistics Department announced that the retail sales value dropped 12.6% to HK$ 19.9 billion in February, in contrast to the 7.4% rise seen in the previous month. Economists were looking for a decline of 2%.
Meanwhile, the volume of retail sales dipped 13.8% annually in February, compared with a 5.4% increase in the preceding month. Economists expected retail sales to drop 3%.
For the January to February period, retail sales value declined 2% compared to the corresponding period of the previous year. During the period, retail sales volume decreased 3.6%.
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