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Retail sales climb 10% in May 2007

Jul '07
The Census and Statistics Department (C&SD) released the latest figures on retail sales July 3rd, 2007.

The value of total retail sales in May 2007, provisionally estimated at $20.5 billion, increased by 10.2% over a year earlier. After netting out the effect of price changes over the same period, the volume of total retail sales increased by 9.4% in May 2007 over a year earlier.

The revised estimate of the value of total retail sales in April 2007, at $19.2 billion, increased by 3.2% over April 2006, while the volume of total retail sales increased by 1.7%.

Taking the first five months of 2007 together, total retail sales increased by 8.3% in value or 6.2% in volume over the same period a year earlier.

Analysed by type of retail outlet and comparing May 2007 with May 2006. This was followed by sales of jewellery, watches and clocks (+21.8% in volume); wearing apparel (+11.8%); footwear, allied products and other clothing accessories (+9.0%); commodities in department stores (+8.6%); furniture and fixtures (+6.3%); miscellaneous consumer durable goods (+5.4%); miscellaneous consumer goods (+4.7%); and commodities in supermarkets(+4.3%).

Based on the seasonally adjusted series, the volume of total retail sales decreased by 2.6% in the three months ending May 2007 compared with the preceding three-month period.

These retail sales statistics are primarily intended to measure the sales receipts of goods sold by local retail establishments, for gauging the short-term business performance of the local retail sector. They cover consumer spending on goods but not on services.

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