HK may cut economic growth
Source: Bloomberg News |
June 5, 2012, Tuesday
|
Print Edition
Print Edition
HONG Kong may cut its 1-3 percent growth forecast for this year because of concerns that the eurozone economy could deteriorate further, Financial Secretary John Tsang said.
"The overall external economy is in very bad condition and is very unlikely to change in the short term," Tsang told the Legislative Council yesterday. He said he expects the city's inflation rate to continue to fall in the "coming months" as imported food prices from China drop.
The uncertainty over Europe coincides with a slowdown in China, whose economy is closely linked to Hong Kong's. The growth of China's service industries weakened to the worst in over a year, according to the latest data from the Purchasing Managers' Index, which measures the performance of the non-manufacturing industries.
The number of home transactions in Hong Kong fell 14 percent in May from a year earlier to 8,349, according to data from the Land Registry yesterday. The value of those deals fell 4.2 percent to HK$47.4 billion (US$6.1 billion).
Tsang also said the public needs to be "prudent and aware of the potential risk when buying properties," while the government will introduce more measures to curb home prices if necessary.
"The overall external economy is in very bad condition and is very unlikely to change in the short term," Tsang told the Legislative Council yesterday. He said he expects the city's inflation rate to continue to fall in the "coming months" as imported food prices from China drop.
The uncertainty over Europe coincides with a slowdown in China, whose economy is closely linked to Hong Kong's. The growth of China's service industries weakened to the worst in over a year, according to the latest data from the Purchasing Managers' Index, which measures the performance of the non-manufacturing industries.
The number of home transactions in Hong Kong fell 14 percent in May from a year earlier to 8,349, according to data from the Land Registry yesterday. The value of those deals fell 4.2 percent to HK$47.4 billion (US$6.1 billion).
Tsang also said the public needs to be "prudent and aware of the potential risk when buying properties," while the government will introduce more measures to curb home prices if necessary.
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