SAR sees 6.5% growth in Q2
Source: Xinhua |
August 14, 2010, Saturday
|
Print Edition
Print Edition
The Hong Kong economy grew 6.5 percent in the second quarter of 2010 from a year earlier, a rise for the fifth consecutive quarter, said John Tsang, financial secretary of the government of the Hong Kong Special Administrative Region yesterday.
The broad recovery mainly benefited from robust growth on the Chinese mainland and other Asian economies, Tsang said while announcing Hong Kong's economic data and latest GDP forecast.
The second-quarter GDP jumped 1.4 percent from the previous quarter, up around 1.6 percent from the pre-crisis peak in the first quarter of 2008. In the first quarter, Hong Kong's economy expanded more than 8 percent from a year earlier, the fastest pace in four years.
As Hong Kong's GDP in the first half grew 7.2 percent year on year, the government revised the forecast for the whole year to 5 to 6 percent from May's 4 to 5 percent. The government statement said total exports of goods surged 20.1 percent in the second quarter from a year ago, as Asian markets continued to outperform other markets.
Taking the government's one-off measures into consideration, consumer prices rose 2.6 percent on a year-on-year basis in the second quarter, up from the previous quarter's 1.9 percent, due mainly to the fading effect of electricity charge subsidy.
The forecast of consumer price inflation for the year remained unchanged at 2.3 percent.
Referring to the economic situation for the second half of 2010, the statement said that Hong Kong's year-on-year export growth may slow down in the six-month period.
The broad recovery mainly benefited from robust growth on the Chinese mainland and other Asian economies, Tsang said while announcing Hong Kong's economic data and latest GDP forecast.
The second-quarter GDP jumped 1.4 percent from the previous quarter, up around 1.6 percent from the pre-crisis peak in the first quarter of 2008. In the first quarter, Hong Kong's economy expanded more than 8 percent from a year earlier, the fastest pace in four years.
As Hong Kong's GDP in the first half grew 7.2 percent year on year, the government revised the forecast for the whole year to 5 to 6 percent from May's 4 to 5 percent. The government statement said total exports of goods surged 20.1 percent in the second quarter from a year ago, as Asian markets continued to outperform other markets.
Taking the government's one-off measures into consideration, consumer prices rose 2.6 percent on a year-on-year basis in the second quarter, up from the previous quarter's 1.9 percent, due mainly to the fading effect of electricity charge subsidy.
The forecast of consumer price inflation for the year remained unchanged at 2.3 percent.
Referring to the economic situation for the second half of 2010, the statement said that Hong Kong's year-on-year export growth may slow down in the six-month period.
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