May 5, 2020 / 8:50 AM / a month ago

Hong Kong March retail sales plunge 42% y/y as coronavirus hurts economy

HONG KONG, May 5 (Reuters) - Hong Kong’s retail sales fell by 42% in March from a year earlier, as travel restrictions kept tourists away and most residents steered clear of shops and restaurants for fear of catching the coronavirus.

Sales dropped to HK$23.0 billion ($2.97 billion), government data showed on Tuesday, the fourteenth consecutive month of decline. February’s fall was 44%.

In volume terms, retail sales in March fell 43.8%, compared with a 46.7% drop in February. ($1 = 7.7536 Hong Kong dollars) (Reporting by Donny Kwok and Twinnie Siu; Editing by Louise Heavens)

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