Retail sales grew by just 0.1% y-o-y in June in value terms, down from 0.4% y-o-yin May and much weaker than market expectations. The breakdown shows thatJune data was dragged down by lower tourism spending. The silver lining is thatthe decline in consumer durable goods sales receded in June, suggesting thatdomestic demand has improved further, supported by a tight labour market.    Overall, we continue to expect the retail sector to stabilise further, supported bystronger local demand and a modest revival in inbound tourism.

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