Retail sales growth skids in July

Grew just 8.9% year-on-year.

The Census and Statistics Department noted that the retail sales growth of 8.9% was slower than a 13.3% increase in June. Economists had forecast a faster growth of 14%.

Sales value increased 9.5% annually in July, moderating from a 14.7% growth in June.

Retail sales value of food, alcoholic drinks and tobacco increased 2.7% from a year earlier. Trade at supermarkets increased 4.8% and that at department stores climbed 22%.

Sales of consumer durables, however, declined 9.8% in July from a year earlier.

For the first seven months of 2013, total retail sales increased 14.2% in value and 13.6% in volume over the same period a year earlier.