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November 14, 2009

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Home » Business » Manufacturing

HK posts slight rise in GDP in 3rd quarter

THE Hong Kong government announced yesterday that the city's economy improved further in the third quarter, with real gross domestic product growing 0.4 percent over the second quarter.

The year-on-year fall in GDP in real terms narrowed to 2.4 percent from 3.6 percent in the second quarter.

With both domestic and external sectors likely to show further improvement in the fourth quarter, the GDP for 2009 as a whole is now forecast to shrink by 3.3 percent in real terms, up from the forecast drop of 3.5 percent to 4.5 percent in August.

Hong Kong government economist Helen Chan said yesterday further improvement in the domestic sector offset the drag from weak external demand.

Hong Kong's merchandise exports still declined year on year in the third quarter, although the pace of the drop slowed distinctly toward the end of the quarter.

Total exports fell 13.2 percent in real terms annually in the third quarter.

On a seasonally adjusted quarterly basis, services exports grew 4.6 percent. Yet trade-related service exports were still weak under the drag of sluggish trade flows.

The year-on-year change in private consumption expenditure showed a small gain of 0.2 percent, after falling for four consecutive quarters.

The labor market also improved.

The seasonally adjusted jobless rate fell slightly to 5.3 percent in the third quarter, the first drop since the global financial crisis.

The Underlying Composite Consumer Price Index fell 0.3 percent in the third quarter from a year earlier.


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