The continued revival of inbound tourism helped Hong Kong’s retail sales notch up a 12th consecutive month of growth in November, official data showed on Thursday.
Sales increased 15.9% year-on-year to HK$34.2 billion ($4.38 billion) in November, the Hong Kong government said. That was compared with 5.8% growth in October, 13% growth in September and 13.7% rise in August.
“An expected further recovery of inbound tourism should continue to benefit the retail sector,” a government spokesman said, adding that a continued improvement in household income and various activities also provide support to the economy.
In volume terms, November retail sales increased 12.4% year-on-year. That compared with a 2.9% rise in October, 10% rise in September and 11% growth in August.
For the first 11 months of 2023, the value of retail sales rose 17.1% year-on-year while volume grew 14.7%.
Hong Kong’s economy expanded 4.1% in the third quarter from a year earlier, beating growth of 1.5% in the second…
