HK's GDP rises for 6 straight quarters
November 13, 2010, Saturday
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Print Edition
Print Edition
Hong Kong's economy expanded for a sixth consecutive quarter, boosted by strong exports to the Chinese mainland and elsewhere in Asia, the government said yesterday, while warning of the longer term risks of a sluggish recovery in advanced industrial countries.
The city government said gross domestic product rose 0.7 percent in the third quarter of this year from the previous quarter. GDP grew 1.4 percent in the second quarter.
The growth was due to robust exports of goods and services and tourism that was boosted by mainland visitors and recovery in Asian markets, government economist Helen Chan told reporters.
Hong Kong, whose finance and export-reliant economy was battered by the global crisis, broke out of its yearlong recession in the second quarter of last year. Its GDP fell by 2.7 percent in 2009.
Chan said the government's forecast for economic growth was raised to 6.5 percent this year from the 5-6 percent expansion predicted in August. But she cautioned that uncertainty in industrialized economies continued to pose risks for Hong Kong.
"Given that the advanced economies are still the main driving force behind the final demand in global trade, their dimmer growth prospects may eventually pose a drag on external trade performance in Hong Kong and Asia as a whole," she said.
Chan said Hong Kong's goods exports surged 20.8 percent in the third quarter over a year earlier, slightly higher than the 20.1 percent in the second quarter.
Unemployment fell to 4.2 percent in the third quarter, Chan said.
The city government said gross domestic product rose 0.7 percent in the third quarter of this year from the previous quarter. GDP grew 1.4 percent in the second quarter.
The growth was due to robust exports of goods and services and tourism that was boosted by mainland visitors and recovery in Asian markets, government economist Helen Chan told reporters.
Hong Kong, whose finance and export-reliant economy was battered by the global crisis, broke out of its yearlong recession in the second quarter of last year. Its GDP fell by 2.7 percent in 2009.
Chan said the government's forecast for economic growth was raised to 6.5 percent this year from the 5-6 percent expansion predicted in August. But she cautioned that uncertainty in industrialized economies continued to pose risks for Hong Kong.
"Given that the advanced economies are still the main driving force behind the final demand in global trade, their dimmer growth prospects may eventually pose a drag on external trade performance in Hong Kong and Asia as a whole," she said.
Chan said Hong Kong's goods exports surged 20.8 percent in the third quarter over a year earlier, slightly higher than the 20.1 percent in the second quarter.
Unemployment fell to 4.2 percent in the third quarter, Chan said.
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