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Financial News: Hong Kong GDP Growth Slows In Q2

Hong Kong GDP Growth Slows In Q2

08/10/2018 - 06:51:00 (RTTNews)

(RTTNews) - Hong Kong's economy expanded at a slower pace in the second quarter, the Census and Statistics Department said Friday.

Gross domestic product climbed 3.5 percent year-on-year in the second quarter, slower than the 4.6 percent expansion seen in the first quarter. On a quarterly basis, GDP dropped 0.2 percent.

Nonetheless, the growth forecast for 2018 was maintained at 3-4 percent. The forecast rates of underlying and headline consumer price inflation for 2018 was maintained at 2.5 percent and 2.2 percent respectively.

The expenditure-side breakdown of GDP showed that private consumption expenditure continued to increase, by 6.1 percent over a year earlier.

Government consumption expenditure advanced 4.4 percent and gross domestic fixed capital formation rose only 0.4 percent.

Over the same period, total exports of goods moved up 4.6 percent and imports of goods gained 6.3 percent. Exports of services increased 6.1 percent and imports of services increased 0.4 percent.

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