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Financial News: Hong Kong Economy To Expand 6.4% In 2021

Hong Kong Economy To Expand 6.4% In 2021

11/12/2021 - 06:13:00 (RTTNews)

(RTTNews) - The Hong Kong economy is projected to expand at the top-end of the previous forecast range this year, the government said Friday.

The real economy is forecast to grow 6.4 percent this year, close to the upper bound of the 5.5-6.5 percent estimated in mid-August, the Census and Statistics Department said.

Yet, the latest forecast suggests that real GDP for 2021 as a whole will still be about 2 percent below the level in 2018.

The government confirmed the 5.4 percent annual growth for the third quarter, which was slower than the 7.6 percent expansion posted in the second quarter.

The moderation in growth was on account of the base effect and stronger-than-expected performance in the first half of the year.

On a quarter-to-quarter comparison, real GDP rose only 0.1 percent in the third quarter, the same as the advance estimate.

For the first three quarters of 2021 as a whole, the economy grew 7.0 percent over a year earlier, data showed.

Given the actual outturn of 0.4 percent in the first three quarters of the year, the forecast rate of underlying inflation for this year as a whole was revised downwards to 0.7 percent from 1 percent projected in August.

The corresponding forecast rate of headline inflation was 1.6 percent.

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