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The University of Hong Kong expects a full-year economic growth of 3.5 percent to 4 percent, an upward revision of 1 percentage point from the previous forecast, based on Hong Kong’s much stronger-than-expected economic performance in the first half of the year.
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Hong Kong’s gross domestic product is predicted to grow 3.3 percent in the third quarter, the quarterly Hong Kong Macroeconomic Forecast Strategy by the APEC Studies Programme of the Hong Kong Institute of Economics and Business at HKU showed.
Hong Kong's economy grew by 4.2 percent year-on-year in the second quarter, a decrease of 1.7 percentage points from the first quarter
HKU stated that Hong Kong's labor market remains stable, with the unemployment rate expected to improve slightly from 3.7 percent in the second quarter to 3.6 percent in the third quarter.
As tensions in the Middle East keep energy costs high, the composite consumer price index inflation is expected to rise to 2.5 percent in the third quarter.
HKU predicts that the economy in the second half of the year will be mainly driven by domestic demand.
The growth of visible exports is expected to slow to 23.4 percent in the second quarter and further decline to 19.9 percent in the third quarter.
