Hong Kong October Retail Sales By Value Down 2.9% On Year

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By Chester Yung

HONG KONG--Hong Kong's retail sales by value fell 2.9% in October from a year earlier, the 20th consecutive month of declines, according to Census and Statistics Department data.

October was an improvement on September's 4.0% fall. Economists expected a median forecast of a 5.2% drop, according to a Wall Street Journal survey. A slowing Hong Kong economy has weighed on local consumer sentiment.

Looking ahead, the near-term outlook for retail sales will still hinge on inbound tourism as well as the extent to which local consumer sentiment will be hurt by global uncertainties, a government spokesman said in the statement.

Write to Chester Yung at chester.yung@wsj.com

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