Hong Kong's retail sales plunged in September as the anti-government protes...
HONG KONG - Hong Kong’s retail sales plunged in September as the anti-government protests that have gripped the Chinese-ruled city for nearly five months scared off tourists and battered spending.
Already hampered by the Sino-U.S. trade war and a slowing Chinese economy, the protests have further damaged the city’s economy, hitting retail and tourism particularly hard.The slide compared with a revised 22.9% drop in August and a 21.5% fall in September 1998, according to Refinitiv data, as clashes spread across shopping districts and took a heavy toll on malls.
Retailers from prime shopping malls to family-run businesses have been forced by the protests to close on multiple occasions. “As protests involving violence continue to deter tourists and reduce local consumption, and the subdued economic outlook also dampens consumer sentiment, the performance of retail sales is likely to stay weak in the near term,” a government spokesman said.Figures on Thursday showed that Hong Kong slid into recession in the third quarter, for the first time since the global financial crisis. Lam has warned that full-year growth is likely to contract.
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