Hong Kong's August retail sales were the worst on record, the government sa...
HONG KONG - Hong Kong’s August retail sales were the worst on record, the government said on Wednesday, as escalating anti-government protests that have gripped the Chinese-ruled city for nearly four months scared off tourists and battered spending.
Cat-and-mouse clashes on Tuesday spread from the shopping district of Causeway Bay to the Admiralty area and then on to the New Territories, with police firing tear gas and water cannon at petrol bomb-throwing activists.Market analysts say the outlook is overshadowed by the protests and a weak Chinese yuan that translates into lower spending.
“Retail sales will likely remain in the doldrums in the near term, as the worsened economic outlook and local protests involving violence continue to weigh on consumer sentiment and inbound tourism,” a government spokesman said.Hong Kong is facing its first recession in a decade, with the government recently cutting its full-year 2019 growth forecast to 0-1%, down from 2%-3% previously.
Medicines and cosmetics fell 30% in August, compared with revised 16.5% fall in July. Department store sales dropped 29.9% in August, against a 10.4% fall in July.
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