HK July retail sales down 3.1% to HK$38.7bn

    Hong Kong's value of total retail sales in July, provisionally estimated at HK$38.7 billion, dropped 3.1% over a year earlier, data from the Census and Statistics Department showed.
  The revised estimate of the value of total retail sales in June fell 6.9% over the same period a year earlier. For the first seven months of 2014, total retail sales declined 1.5% in value over the same period a year earlier.
  After netting out the effect of price changes over the same period, the volume of total retail sales in July decreased 4.5% over a year earlier. The revised estimate of the volume of total retail sales in June dropped 7.5% over the same period a year earlier. For the first seven months of 2014, total retail sales shrank 1.5% in volume over the same period a year earlier.
  A Government spokesman said looking ahead, the retail business will hopefully turn more stable in the coming months as the high base effects gradually wane. However, the downside risks stemming from the recent slackening in tourist spending and various external uncertainties warrant close watch. The Government will stay alert and monitor the retail business situation for its possible impact on economic growth momentum and employment situation going forward.