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On Wednesday, the census and Statistics Department announced that retail sales in August were the largest monthly decline since record keeping. Poor economic conditions weakened consumer sentiment and social events seriously interfered with tourism and consumption related activities in Hong Kong.
The provisional estimate of the total retail sales value in August was HK$29.4 billion, down 23% year-on-year; the provisional estimate of the total retail sales volume in the same period was 25.3% year-on-year. The revised value and quantity of retail sales fell by 11.5% and 13.1% respectively in July.
A government spokesman said that retail sales had further declined significantly in August and recorded the largest monthly annual decline on record, worse than the decline recorded in September 1998 during the Asian financial turmoil.
"Retail sales are expected to remain depressed in the short term, as poor economic prospects and violent demonstrations continue to drag down consumer sentiment and tourism in Hong Kong." The spokesman said.
Among all kinds of goods, the sales value of jewelry, clocks and precious gifts declined the most by 47.4% annually, while the sales value of goods, drugs and cosmetics and services in department stores also declined by 30% or more. In contrast, food, alcoholic drinks and tobacco were less affected by the economic situation, with a decline of only 0.3% in sales value and a 1.9% annual increase in supermarket sales value.
Chen Maobo, the financial secretary, said earlier that the third quarter gross domestic product (GDP) in 2019 will be announced by the end of October. If the third quarter is negative, the economy will fall into a technical recession. In addition, the government will have a big deficit in the current fiscal year.


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