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Financial News: Hong Kong GDP To Expand 2-3% In 2017

Hong Kong GDP To Expand 2-3% In 2017

02/21/2017 - 23:12:00 (RTTNews)

(RTTNews) - Hong Kong's economy is forecast to grow 2-3 percent this year, Financial Secretary Paul Chan said in his 2017-18 budget speech on Wednesday.

For 2016 as a whole, there was a moderate growth of 1.9 percent, generally in line with 1-2 percent economic growth as forecast in last year's Budget, he noted.

But, the uncertain external environment and interest rate trend may trigger abrupt shifts in capital flows and heighten volatility in local asset prices, with repercussions on consumption and investment sentiments and on macro-economic stability, said Chan.

Further, he said inflationary pressure will remain mild in the short term. He forecast the headline inflation rate for 2017 as a whole will be 1.8 percent with an underlying inflation rate at two percent.

The headline inflation rate for 2016 was 2.4 percent. Netting out the effects of the government's one-off measures, the underlying inflation rate was 2.3 percent in 2016, the fifth consecutive year of easing.

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