HK growth accelerates in first half, eases in second quarter

Local | 11 Aug 2017 6:02 pm

Hong Kong's economy grew by 3.8 percent in real terms in the second quarter over a year earlier, following growth of 4.3 percent in the first quarter, the Government said today.

But growth in the first half expanded by 4 percent year-on-year, doubling from 2 percent last year.

In the second quarter, domestic demand growth was robust and was supported by favorable labour market conditions and improved economic sentiment, the deputy government economist, Andrew Au, said. On a seasonally adjusted quarter-to-quarter comparison, real GDP picked up by 1 percent in the second quarter, following 0.7 percent growth in the preceding quarter.

Exports of goods grew by 5.6 percent year-on-year in real terms in the second quarter, with exports to Asian markets providing the main growth impetus. Exports of services grew at a steady pace of 2.3 percent year-on-year in real terms.

Growth in the first and second quarters was "stronger than the trend growth of 2.9 percent per annum over the past 10 years,'' Au explained.

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