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Financial News: Hong Kong Economic Growth Eases In Q2

Hong Kong Economic Growth Eases In Q2

08/11/2017 - 05:13:00 (RTTNews)

(RTTNews) - Hong Kong's economic growth eased in the three months ended June, after accelerating in the previous quarter, data from the Census and Statistics Department showed Friday.

In real terms, gross domestic product advanced 3.8 percent year-over-year in the second quarter, slower than first quarter's 4.3 percent rise, which was quickest rate of growth since the second quarter of 2011.

In the fourth quarter of 2016, the rate of expansion was 3.2 percent.

During the June quarter, domestic demand growth stayed robust, underpinned by favorable labor market conditions and improved economic environment.

The generally benign global economic environment remained supportive to external demand.

On the expenditure side, private consumption expenditure grew 5.3 percent annually in the second quarter and gross fixed capital formation expanded by 8.0 percent.

Total exports of goods climbed 5.6 percent over the year and imports by 6.2 percent.

On a quarterly basis, real GDP rose a seasonally adjusted 1.0 percent in the June quarter, faster than the 0.7 percent gain in the previous quarter.

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