HK posts slowest growth pace in Q1 since global crisis
Source: Bloomberg News |
May 12, 2012, Saturday
|
Print Edition
Print Edition
HONG Kong's economy grew at the slowest pace since the global financial crisis in the first quarter as Europe's sovereign-debt woes undermined export demand and confidence.
Gross domestic product rose 0.4 percent from a year earlier, the government said yesterday. That was less than the 1.1 percent median forecast in a Bloomberg News survey of 16 economists and the 3 percent growth in the three months through December. The latest figure was pulled down by a high comparative base.
The city's incoming Chief Executive Leung Chun-ying, who takes office on July 1, pledged last month to aid low-income earners, increase housing supply and address "deep-rooted conflicts" in society, echoing statements by Chinese Premier Wen Jiabao. The government forecasts a growth of 1-3 percent for the full year, the least since 2009, as Europe's debt crisis threatens trade and the financial services industry.
"The biggest danger this year continues to be the risk of financial contagion from Europe, especially if it triggers an accelerated withdrawal of European bank capital from Asia, or spills over to derail the US recovery," said Donna Kwok, a Hong Kong-based economist at HSBC Holdings Plc.
Hong Kong's economy grew 0.4 percent on a quarterly basis. Full-year growth was 5 percent in 2011.
The city yesterday kept a forecast for inflation of 3.5 percent this year, while the growth estimate was also unchanged.
The weaker trade data for the Chinese mainland released on Thursday added to concern over the city's export outlook.
Gross domestic product rose 0.4 percent from a year earlier, the government said yesterday. That was less than the 1.1 percent median forecast in a Bloomberg News survey of 16 economists and the 3 percent growth in the three months through December. The latest figure was pulled down by a high comparative base.
The city's incoming Chief Executive Leung Chun-ying, who takes office on July 1, pledged last month to aid low-income earners, increase housing supply and address "deep-rooted conflicts" in society, echoing statements by Chinese Premier Wen Jiabao. The government forecasts a growth of 1-3 percent for the full year, the least since 2009, as Europe's debt crisis threatens trade and the financial services industry.
"The biggest danger this year continues to be the risk of financial contagion from Europe, especially if it triggers an accelerated withdrawal of European bank capital from Asia, or spills over to derail the US recovery," said Donna Kwok, a Hong Kong-based economist at HSBC Holdings Plc.
Hong Kong's economy grew 0.4 percent on a quarterly basis. Full-year growth was 5 percent in 2011.
The city yesterday kept a forecast for inflation of 3.5 percent this year, while the growth estimate was also unchanged.
The weaker trade data for the Chinese mainland released on Thursday added to concern over the city's export outlook.
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