Economic recovery slows in second quarter

Finance | 30 Jul 2021 6:36 pm

Hong Kong's gross domestic product (GDP) is estimated to rise by 7.5 percent in real terms in the second quarter year-on-year, the Census and Statistics Department announced.

That compared with the 8 percent gain in the first quarter.

Second quarter growth was mainly due to visible increases in domestic and external demand.

 

Private consumption expenditure increased by 6.5 percent last quarter over a year earlier, compared with the 2.1 percent increase in the first quarter.

Government consumption expenditure measured in national accounts terms grew by 2.9 percent, after the increase of 7 percent in the first quarter.

Gross domestic fixed capital formation increased by 23.7 percent, much higher than the 4.8 percent growth in the first quarter.

Total exports of goods measured in national accounts terms increased by 20.3 percent, compared with the 30.1 percent rise in the first quarter. Imports of goods measured in national accounts terms grew by 21.4 percent, after rising by 22.9 percent in the first quarter.

A government spokesman said the economic recovery remained uneven in the second quarter. The global economic recovery should continue to support Hong Kong's exports of goods in the near term, though there may be some moderation from the exceptionally strong performance in the first half. Exports of services should likewise sustain growth.

 



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