PETER PARKS AFP HONG KONG Hong Kong saw a drop of 0.9 percent in its total retail sales for the entire 2022, while it saw a 1.1 percent year-on-year rise in December, according to the Census and Statistics Department.
The total retail sales, forecast to be HK $349.9 billion, decreased by 0.9 percent in value and 3.4 percent year-on-year, the department said on Friday.
The value of online retail sales with provisionally estimated at HK $34.6 billion increased by 20.8 percent over 2021.
The total retail sales grew by 1.1 percent compared to the same month in 2021, according to provisionally estimated at HK $33.7 billion $4.3 billion for December.
The value of December's value could be boosted by improved economic sentiment and the relaxation of social distancing measures, according to the department.
The provisional estimate of total retail sales increased by 0.9 percent in the fourth quarter of 2022 compared with the previous quarter, while the provisional estimate of total retail sales increased by 1.2 percent.
There was a small increase of 0.4 percent for the fourth quarter as a whole. The value of total retail sales fell by 0.9 percent for the year as a whole, reflecting the severe impact of the fifth wave of the local epidemic in early 2022, the statement reads.
After netting out the effect of price changes, the provisional estimate of total retail sales decreased by 0.7 percent year-on-year.
The value of sales of electrical goods and consumer durable goods that are not classified elsewhere increased by 1.8 percent.
The data showed that the value of sales of commodities in supermarkets decreased by 0.3 percent in December over a year earlier in the year.
AndY CHONG CHINA DAILY For the whole year, the value of sales of commodities in department stores decreased by 9.9 percent.
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The return of economic activities from the epidemic to normalcy and an expected increase in inbound visitors should bode well for retail sales performance. The department said that improved labor market conditions will provide further support.