Protest-hit Hong Kong's November retail sales drop 23.6%
HONG KONG - Hong Kong retail sales extended their free-fall in November as months of anti-government protests scared off tourists, hitting spending and threatening the survival of small businesses.
Sales fell 23.6% from a year earlier to HK$30 billion , government data showed on Friday. It was the tenth consecutive month of declines and compared with a revised 24.4% drop in October, which was the steepest on record. “As such, ending violence and restoring social order are essential to the recovery of the retail trade and indeed that of the whole economy.”
Paul Chan, the city’s financial secretary, said on Sunday that a contraction in the fourth quarter was “unavoidable” and the budget in February would focus on boosting the economy.Tourist arrivals in Hong Kong plunged 55.9% year-on-year in November, the steepest fall since May 2003, when the city was hit by an outbreak of severe acute respiratory syndrome .
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