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Financial News: Hong Kong GDP Growth Steady At 0.6%

Hong Kong GDP Growth Steady At 0.6%

07/31/2019 - 08:13:00 (RTTNews)

(RTTNews) - Hong Kong's economy grew at a steady pace in the second quarter, the Census and Statistics Department said Wednesday.

Gross domestic product grew 0.6 percent year-on-year in the second quarter, the same rate as seen in the first quarter. On a quarterly basis, the economy contracted 0.3 percent.

The expenditure-side breakdown showed that private consumption expenditure grew at a faster pace of 1.2 percent, while growth in government spending slowed to 4 percent.

On the other hand, gross domestic fixed capital formation contracted sharply by 12.1 percent.

Total exports of goods fell 5.4% in real terms and imports of goods decreased by 7.0 percent. Meanwhile, exports of services grew 0.2% and imports of services climbed 1.7 percent.

Slower trade flows are more to blame for this than the recent protests, adding to downbeat signs on the health of the global economy, Julian Evans-Pritchard and Martin Rasmussen, economists at Capital Economics, said.

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