CHINA-HONGKONG: HONGKONG POSTS STEEPEST DECLINE IN RETAIL SALES SINCE 1981
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Hong Kong’s Census and Statistics Department said on February 2, that Hong Kong posted its steepest decline in retail sales since records began in 1981 as the number of visitors to the city collapsed and local residents tightened their belts amid the coronavirus pandemic, dealing another blow to the city’s already struggling economy. Total retail sales in 2020 fell 25.5% in volume terms, marking the sharpest decline since the government began compiling the data 40 years ago. By value, sales fell 24.3% to HK$326.5 billion ($42.1 billion) after an 11.1% drop in 2019.
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